NEW DELHI: Post-demonetisation, the Enforcement Directorate (ED), Income Tax Department and intelligence agencies have found “abnormal” and “suspicious” amounts deposited in 547 bank branches in Jammu and Kashmir, besides in the Northeast and bordering areas in these two insurgency-hit theatres.
The agencies suspect such dubious money has been deposited in Jammu and Kashmir at the behest of separatist groups and outfits sympathising with them. In the Northeast, the money could have been deposited at the instance of insurgent groups. Preliminary estimates by the agencies suggest the end beneficiary could be separatist or insurgent outfits even as a multi-agency probe is underway to unravel the entire nexus behind the misuse of banking channels for laundering demonetised cash.
The ED has visited 50 branches of 10 banks in these areas to ascertain the exact value and the identities of those behind such transactions. The Know Your Customer (KYC) documents are being verified and matched with Income Tax returns to pinpoint possible bungling.
An official said prima facie it appears that local traders and businessmen could have laundered scrapped currency for separatist groups through banks in Jammu and Kashmir and in the Northeast.
Sources said the probe is at an initial stage and cooperation from sister agencies, including the IT Department and Intelligence Bureau, is being sought.
The National Investigation Agency has registered two cases relating to alleged terror funding by traders and businessmen by exploiting border trade points in Jammu and Kashmir.
Meanwhile, after scrutiny of the deposits at the pan-India level after demonetisation, the IT Department has found Rs 2.13 lakh crore deposited in about 51,000 accounts. It also found that the transactions were over Rs 1 crore in each account between November 8 and 25 last year, IT department sources said.
The sources said between November 10 and December 17, Rs 80 lakh and above was deposited in 1.14 lakh accounts and the total value of the deposits was Rs 3.93 lakh crore. At least Rs 15, 398 crore was deposited in 1.23 lakh dormant accounts, which were inactive for the past 24 months.
Following completion of scrutiny by the IT department, the ED will look into the issue of money laundering, the sources added.