Parliament Street, HDFC Bank, Case 5 R. Utreja, Back-Up Branch Manager, Parliament Street, New Delhi
The woman banker turns out to be an ace, and knows all tricks of the trade. Split your money, she would say, or invest in one shot, and show all your unaccounted cash something as an earning from agriculture. Utreja claims to be an old hand in money laundering: “Abhi Sir humne aise ek aur bande ka bhi karwaya hai na … unka bhi tha pachaas lakh ka … unka bhi aise hi tha black to white kara tha unhone (Sir, only recently, we have done this for someone … it too was for Rs. 50 lakh … his case was the same [as yours] of converting black [money] to white).”
Here, at this branch of HDFC Bank on Parliament Street, the Cobrapost journalist meets Back-Up Branch Manager R. Utreja. Pleasantries over, our reporter comes straight to talking business: A minister wants to invest Rs. 60 lakh in some long-term plan, with handsome returns but with no TDS, for we don’t want to show it in the books. More money, Rs. 5–6 crore, is expected in March. All the money is in cash and needs to be invested in three names, including the politician’s wife.
Utreja tells us about HDFC Crest, a tax-saving plan with guaranteed returns. However, Utreja is one of the odd cases who ask us the source of the income: “Isko hum dalwa toh denge but humein kuch income proof to dena padega ki wo housewife ho ke itna paisa kahan se aaya (We can put the money in investment, but you will have to give us some income proof that being a housewife how did she get all that money).”
However, money seems to be a bigger incentive for her.
Utreja forgets about the source of income for a moment and starts explaining HDFC Crest. When our reporter asks her if the returns would be in white, she ends up assuring us: “Bilkul … poora white ho kar aayega (Absolutely, it will all come in white).”
We remind her that the policies need to be done in three names. Here comes the question of showing the ITR again. Utreja asks our reporter if he can show he is working. We clearly explain her it’s the minister’s money and we don’t know where it has come from. So we need to hide it.
Utreja seeks to meet the minister: “Aap meeting karwa sakte ho unse (Can you arrange a meeting with your minister).”
You will definitely meet the minister, says our reporter. She says she would bring her branch manager to the meeting as swell.
To take us into confidence, she opens up her card: “Abhi Sir humne aise ek aur bande ka bhi karwaya hai na …unka bhi tha pachaas lakh ka … unka bhi aise hi tha black to white kara tha unhone (Sir, only recently, we have done this for someone … it too was for Rs. 50 lakh … his case was the same [as yours] of converting black [money] to white).”
The conversation has turned business-like now.
Utreja starts disconnecting her official calls or doesn’t attend them. She listens intently to us with her hand on her forehead. We tell her that none of the information should be disclosed and the minister’s wife should not get a notice from the Income Tax office.
She reassures: “Kuch nahin aayega Sir (Nothing [like a notice] will come Sir).”
To avoid taxes Utreja advises us: “Main aapko Sir main ek advise karti hoon … jo aap keh rahe ho na pachaas hai total… toh isko har saal dus dus kar do na … poora white ho jaye …har saal dus dus kar lo na seedha … usmein koi dikkat aapko bhi nahi aayegi … aur tax-free hoga … na paisa katega aur section ke neeche rebate bhi milegi aapko (I would like to advise you … what you are saying … it’s Rs. 50 [lakh] … divide it into tranches of 10 lakh each … all of it will become white … every year invest Rs. 10 [lakh] straightaway … you will not face any problem … and it will be tax-free … money [tax] will not get deducted …. and under the section [80C] you will also get [tax] rebate).”
We decide to create three policies in three names for which Utreja needs some documents like a PAN card. We don’t want to give her the PAN card for which she comes up with an alternative to provide a bank statement.
But insisting on PAN card, she offers us a solution as well: “Nahin, nahin Sir kuch bhi nahin hoga Sir… abhi humne peeche dalwaya tha … unhone na agricultural land show kar diya tha (No, no Sir … nothing will happen … recently I got it [the cash] slipped in for someone … they had showed agricultural land).”
We get the cue that we could show all our ill-gotten money as agriculture income and invest if without any fear of being questioned ever.
She continues saying: “Abhi aap Sir sirf dus lakh daal rahe ho Sir … log toh pachees pachees tees tees lakh rupaye daal chuke hai ismein (Sir, you are putting in only 10 lakh … [many] others have put in Rs. 25 lakh, Rs. 35 lakh in this [plan]).”
For routing the money, Utreja agrees to open three accounts in three different names. She suggests us to deposit the cash in smaller amounts in these accounts and the money would be routed to the investment plan from there on. She explains the entire procedure in detail.
Satisfied on the investment part of the deal, our reporter comes to another important item on our wish-list. We are expecting Rs. 5–7 crore in bills of 500 from a deal in Greater Noida in March. Could she provide us a locker big enough to park all our cash?
Utreja would sure help us with two small ones instead: “Sir bade toh nahin … main aapko do chote dilwa doongi (Sir, we don’t have big one, but I can arrange two small [lockers] for you).”
But won’t there be a problem to accommodate all the big cash in bills of 500?
Utreja would convert the bills: “Sir main aapke hazaar waale change karwa doongi …kya dikkat hai (I will get all the cash changed into the bills of 1000 … what is the problem)?”
After so long a discussion, Utreja finally comes around to suggest us a shorter way to invest all our unaccounted cash.
She says: “Aap ek baat suno Sir … one time bhi daal sakte ho (Listen to me Sir … you can also put in one-time).” There are one-time investment plans available with her bank.
How would the money be routed? We ask.
Utreja has an ace up her sleeve: “Sir wo alag alag accounts mein dalwa ke … consolidate karwa ke … wo hum dekh lenge (Sir, we will get it slipped into different accounts … get it consolidated … I will take care of all that).”
The suggestion is unmistakable in its creativity to circumvent the system.
Do it only if you have done in the past, we say, don’t do take us as pigmies.
Utreja is a seasoned professional to reassure us: “Aap toh Sir 10-10 lakh ka dalwa rahe ho … abhi humne NR customer ka 40-40 lakh dalwaya hai (You are putting in only Rs. 10 lakh … only recently, I got an NR customer to invest Rs. 40 lakh [apparently in cash]).”
Satisfied that Utreja won’t take us for a ride, we now come to the last of our wish-list.
The minister’s wife is a frequent traveller to England. Could you help transfer some of the crores to somebody there.
Utreja can’t do much about as such transmissions are strictly monitored by RBI. She nonetheless recommends: “Haan toh wo aap kar sakte ho … chote chote amount bhejo … koi poochega nahin (Yes, you can do that … send small amounts … nobody will ask you).”
The interview with Utreja draws to a close with a word to move forward in the presence of the minister. Utreja says she would bring along Branch Manager D. Sharma and an investment manager to the meeting.
