IndusInd Bank, Case 1: N. Anand, Personal Banking Head/Head Branch, South Delhi
A suave manager, who knows the hows and wheres of the banking system and how to use it with ease. He is okay with putting in hug cash of black money in a locker that he will arrange, but stops short of having the bank count it. The funds in insurance, of course, take a safer route.
The Cobrapost reporter walks into the plush branch and tells an official at the front desk that he wishes to discuss some long-term investments. We inform him that we have some handsome amounts, and that we need 5 to 10-year schemes. The official calls N. Anand, Personal Banking Head of the branch, who asks our reporter over to another table. Our reporter, however, suggests that we sit separately. We move to a conference room.
We tell him that we need a safe place for our money, which is not linked to the market, and that we do not wish to pay TDS. Therefore, investing in FD is out of question.
“What is the amount you are looking at?” asks the senior officer.
We tell him that it is to the tune of Rs. 50-60 lakh and that the money belongs to a known politician. Investment will be in his wife’s name.
“Ok … abhi mein aapko bataoon officially, ya unko (Ok … do I tell you now officially … or to him)?”
We ask him to give us a brief overview. If we invest Rs. 50 lakh in the names of three people, what will be the return?
He explains the Family Income Builder scheme which affords us really handsome returns, almost double the sum assured after the plan matures. And to top it all, it will be tax free.
Finding it to be a good plan, we decide to progress on this. We exchange phone numbers.
So far, so good!
We get down to the task of revealing the nature of the investment. Since we have cash, we ask how this investment would be routed.
Anand shoots back straight-faced: “Cash hai toh we’ll help in that also (If it is cash, we’ll help in that also).”
He adds: “Direct aapka DD bhi ban sakta hai (We can directly make DD for you).”
We remind him that this would be the banker’s responsibility. We tell him that we require the safest mode possible for investing the black money.
The reporter informs Anand that the investments are to be made in three names: me, my wife and the minister’s wife. As usual, he asks for the identity of the minister. We assure him that he will anyway meet him in the evening. He is satisfied.
With the basics taken care of, we shift gear to the locker issue and inform the manager that we are expecting a big amount of cash – approximately Rs. 5–7 crore – in March. We would need a big locker for that.
“Haan … mil jayega (Yes, you will get it),” he says. Lockers are available with his branch.
We need another favour. We need that cash to be counted at the bank before putting it into the locker.
The manager thinks and says: “That is a problem … mein dekh loonga ki yahan pe counting ho sakti hai ki nahin … because bank aise karta nahin hai Sir (That is a problem … I will find out whether counting can be done here or not, because banks don’t do this Sir).”
It will be a problem counting inside the locker room, we appeal.
Anand is of little help: “Aap locker ke andar kuch bhi kijiye (You can do anything in the locker).”
So can’t you give us a counting machine, we question?
“Machine … upar mein (The machine is upstairs…),” he protests.
We explain that we will definitely not be able to count Rs. 5–7 crore without a counting machine. We say the person responsible for bringing in the cash will not take it to the minister’s home, but will bring it straight to the bank.
Anand assures: “Aap neeche aaram se kar lijiyega … locker mein … you can take your own time (You can do the counting downstairs comfortably … where the locker is …you can take your own time).”
We say that counting it without a counting machine would take us the entire day.
“Woh mein branch manager se pooch loonga (I will ask the branch manager about this),” he says.
We cross-check the investment proposal and he repeats the details. And we ask him if the money would then be converted to ‘white.’
“It is under … Section 10(D),” he says.
And would the returns be in cheques, as ‘white’ money, we prod?
“100 percent. This is an insurance policy, obviously white se hi ayega (100 per cent. This is an insurance policy. Obviously, it will come in white).”
Could there be questions while withdrawing, we enquire?
“Woh to directly aap ka account mein hi ayega … woh toh dus saal ke baad hai na … barah saal (The money would come directly to your account … and that would be after 10 … 12 years),” he assures.
On our way out, we tell Anand that the minister’s wife is a frequent traveller to England and that she would like some of the cash to be kept in the locker to be transferred out of the country to some friends, , about Rs. 50–60 lakh.
Asks Anand: “Aap ka account nahin hai yahan pe (You don’t have an account here)?”
We tell him that we do not have an account with the bank.
Anand says: “Toh account khulwa lijiye na … wahan se araam se kar sakte hain … aap account khol lijiye account se hi transfer ho jayega (Then open an account. You can comfortably do it [transfer money] from there. Open an account. It will be transferred through the account).”
What is the method for this?
“Ek normal account khul jayega … uska wo remittance kar dijiyega … woh toh remit ho jayega na (A normal account will be opened, you can send [the money] through remittance … that will be remitted).”
It will be his responsibility to get it all done, we tell him.
Anand reassures: “Done Sir.”
We tell him that we will meet in the evening. We assert that since it will be walking distance for us, the availability of locker here will make things all the more comfortable.
Anand is quick to respond: “Haan … locker toh yahan par hai (Yes, the locker is available here).”
With that, we shake hands and part.
