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Govt seeks audit of all branches
November, 18th 2009

Wants details of high-value transactions.

Taking a serious note of Union Bank of India (UBI) not reporting high-value transactions to it, the government has asked the state-owned bank to immediately carry out an audit of all its branches to check for large deposits that have gone unreported.

The Income Tax Department, during a probe into alleged money-laundering by former Jharkhand chief minister Madhu Koda, had stumbled on a bank account at one of UBI's branches in Zaveri Bazaar in Mumbai, where approximately Rs 214 crore had been deposited in cash between January 5 and March 30, 2007.

"Not taking cognizance of transactions of such serious nature by you and non-reporting (of these) could have serious implications for the country. It is likely that your branches all over the country might be having many more such accounts with whopping cash deposits therein which have gone unreported," a letter to UBI Chairman and Managing Director M V Nair said.

The I-T Department, which summoned Nair, said the bank did not furnish details of cash transactions worth more than Rs 10 lakh at the Zaveri Bazaar branch in Mumbai by Balaji Bullion Corporation and Balaji Bullion Bazar, two companies alleged to have helped Koda.

 
 
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