Supreme Court: GPF Nomination in Favour of a Parent Becomes Invalid Once the Employee Marries  ||  Supreme Court: Candidate Not Disqualified if Core Subject Studied Without Exact Degree Title  ||  Supreme Court: Stamp Duty Relief for Co-Operative Societies Cannot Depend on Extra-Legal Verification  ||  Delhi High Court: Allegations of Forgery Alone Do not Bar NCLT From Examining Company Records  ||  J&K&L HC: Only Revenue Authorities Can Handle Agrarian Resumption; Civil Courts Cannot Intervene  ||  Delhi HC: CAPF Candidate's Height of 164.6 Cm Can be Rounded to 165 Cm; Rejection Prima Facie Illegal  ||  NCLT Mumbai: Bank Cannot Retain OTS Earnest Money After Accepting a Resolution Plan  ||  Supreme Court: Imminent Death Not Required For a Statement to Qualify as Dying Declaration  ||  SC: HC Cannot Grant Pre-Arrest Bail Without Quashing FIR; Accused Must Approach Sessions Court First  ||  SC: Agreed Interest Rate Cannot Be Challenged as Exorbitant; Arbitrator Cannot Override Contract    

Involvement of bank officials in money laundering during post monetization- (Press Information Bureau) (07 Feb 2017)

MANU/PIBU/0128/2017

Banking

Enforcement Directorate has intimated that bank employees have been found indulging in money laundering and other unfair practices during the phase of demonetisation and that the investigations have been initiated under the provisions of Prevention of Money Laundering Act (PMLA), 2002 against certain bank officials of various banks during post demonetization. The act provides for attachment of property as well as prosecution of the accused involved in money laundering. Further, as part of their staff accountability mechanisms, on the basis of prima facie involvement in irregularities relating to demonetisation, Public Sector Banks (PSBs) are so far reported to have placed 156 officials under suspension and to have transferred 41 officials. PSBs are also reported to have filed 26 cases with Police/CBI wherever criminal cases are involved. In respect of Private Sector Banks, Reserve Bank of India (RBI) has informed that 11 employees have been placed under suspension where bank employees have been found involved in 'irregular exchange of transaction' of Specified Bank Note (SBN) during the phase of demonetization. RBI has further informed that the banks have initiated internal investigation and complaints have been filed with police/CBI. Whenever a complaint against a bank official(s) is received and any irregularities are found or observed on the part of Banks' official (s), the Banks initiate action as per their extant rules and commensurate punishment is awarded to the delinquent employees based on the seriousness of the wrongdoings as per Bank's disciplinary rules.

Tags : BANK OFFICIALS   MONEY LAUNDERING   INVESTIGATION  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved