Money laundering & pml act along with kyc
Querist :
Anonymous
(Querist) 17 September 2011
This query is : Resolved
Sir
I have sum up in brief. one of our relative registered a conveyance deed of our joint property with the help of forged,fabricated and engineered power of attorney.In the conveyance deed he has received post dated cheques as consideration.on the same day of registration we all other co owners came to know the transection but of no use, because the document was already registered with the help of forged P.A.
We have made police complaint immidiately. Appoint Advocate for the case and file a civil suit. In regrds police and Advocate sent the notices to the purchaser and P A Holder. but no reply from them. police given a letter to bank to stop the payment of the post dated cheques. Mean while civil court also served summons through the belief in person.
But after all this things purchaser has oppened the savings A/c of P A holder in his bank after 3 months. deposited that cheques and withdraws cash of30 lakhs on the same day which was transfered from his A/c.He has done this transaction for cosequtive 3 day & withdraws cash 80 lakhs in total from NEWLY OPPENED SAVINGS A/C.
NOW THE THE QUESTION IS
1)HOW CAN BANK ALOW THIS TYPE OF TRANSACTION IN A NEWLY OPPENED SB A/C?
2)HOW CAN WE KNOW THAT THE BANK HAS DONE RISK PROFILING OF A/C HOLDER AS PER KYC NORMS?
3)WE HAVE RECIVED A STATMENT COPY FROM POLICE , IN WHICH THAT P A HOLDER INFORMED POLICE THAT EVEN OPPENING , DEPOSITING CHEQUES AND WITHDRAwing he has not received a sinlge rupee from the purchaser as he has not reced. that cheques in his hand. But it was with purchaser himself. now the cash is also with purchaser.
IS IT NOT A CASE OF MONEY LAUNDERING & PMLY ALONG WITH BREACH OF KYC NORMS?
NOTE: THE BANK IS A CO OPERATIVE SCHEDULED BANK.
4)HOW CAN WE TAKE CRIMINAL ACTION AGAINST BANK? BECAUSE BANK'S GENERAL MANAGER IS ALSO MISGUIDING RBI CELL ABOUT THE TRANSECTION.
Guest
(Expert) 17 September 2011
For what purpose the SB is opened. keeping it as stale/freezed thing?
KYC is know your client. the money laundering is not made out in this case.
It is a part of transaction in the eye of law as legal.
Since the amount tranacted is in lakhs the bank would have obtained the pan card.
Since it is a co-operative bank they can very well manage it to postpone the errors/crime from eye of law.
Only IT and enforcement directorate has authority to take it. Send a complaint to RBI in this aspect
prabhakar singh
(Expert) 17 September 2011
1.There can not be anticipated any BAR on the
Bank but for complying KYC rule for which they must have taken pan of the person concerned.
2.you can not know unless any employee at bank co-operates you going out of course.
3.The police should be convinced to seize the all a/c opening records as well as ledger extracts of this transaction in the very ongoing investigation.
4.Complaint should be lodged detailing each and every fact to RBI,and also to INCOME TAX and in case of inaction by them a complaint to police may also be lodged.
