A suspected network in Gujarat allegedly used bank accounts obtained on commission to deposit up to ₹9 lakh in withdrawn ₹2,000 notes, promising account holders payments ranging from ₹30,000 to ₹50,000 for facilitating the transactions.
The alleged operation surfaced during a crackdown by law enforcement agencies tracking suspicious high-value cash movements and illicit currency conversion networks across Gujarat.
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Account Holders Offered Cash Commission
According to the allegations, the network targeted people willing to provide their bank accounts for cash deposits. Individuals were allegedly instructed to allow deposits of up to ₹9 lakh in withdrawn ₹2,000 notes into designated accounts.
In return, account holders were promised immediate commissions ranging between ₹30,000 and ₹50,000 per transaction.
Four people, including a former RBI employee, allegedly obtained bank accounts on commission and deposited ₹9 lakh into each account as part of the operation.
Banking Documents Allegedly Taken
A person identified as Raju, who was described as having worked at the RBI branch on Ashram Road, allegedly operated with Praful Dantani, Vaishali Dantani and another person known as Irfan alias Cheena.
They are alleged to have been involved in the operation for several months to deposit withdrawn ₹2,000 notes.
Irfan allegedly approached people with offers of up to ₹30,000 for allowing ₹9 lakh to be deposited into their accounts. In some cases, commissions of up to ₹50,000 were allegedly offered.
Once a person agreed, their bank passbook, cheque book, ATM card and other banking documents were allegedly taken.
₹9 Lakh Routed Through Each Account
Irfan allegedly informed Praful and Vaishali Dantani after obtaining access to an account. They would then allegedly take ₹9 lakh in withdrawn ₹2,000 notes to the RBI branch on Ashram Road.
Using the account holder’s banking documents, the required forms were allegedly completed and the money deposited.
Raju, described as a former RBI employee, allegedly coordinated with other employees to ensure that the deposits were processed without objections and with a legitimate explanation.
After the ₹9 lakh was deposited, the banking documents were allegedly returned. Once the process involving the withdrawn ₹2,000 notes at the RBI was completed, ₹9 lakh was allegedly credited to the bank account of the person who had facilitated the transaction.
Cash Deposit Loopholes Under Scrutiny
Investigators found that the suspected network allegedly exploited loopholes in cash deposit mechanisms to integrate unaccounted cash into the formal banking system.
The investigation is examining how the transactions were carried out, the accounts involved and whether the operation had connections to a wider money-laundering network.
Wider Network Now Being Investigated
Law enforcement agencies have launched a detailed investigation to identify the alleged masterminds financing the operation and determine the extent of the money channelled through the network.
Investigators are scrutinising bank transaction logs and tracing account holders allegedly involved in the scheme. They are also examining possible links to broader money-laundering networks.
Further legal action and arrests are expected as the investigation progresses.
Handing over a bank account, passbook, cheque book or ATM card in exchange for commission can place the account holder directly inside a suspicious financial trail. The alleged scheme shows how attractive commissions can be used to obtain access to legitimate bank accounts for questionable transactions. Account holders should retain control of their banking documents and avoid allowing others to route money through their accounts.
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