Parliament Street, ICICI Bank: B. L. Jain, Branch Manager; A. Bindal, Privilege Banker, New Delhi
All the bankers in this new branch of ICICI Bank are willing to lend help to convert all illegitimate money you can put on their table into white, with various options, so much so that B.L. Jain would like it not to be seen at all: “Direct indirect black money hai … seedhi baat hai black money hai … nazar nahin aayega (Direct or indirect, it’s black money … it’s simply black money … it won’t be seen).”
This 24/7 online banking branch of ICICI Branch on the Parliament Street in the heart of the national capital was inaugurated only two days back. Walking in the Cobrapost journalist seeks to meet a senior banker, not less than the rank of a manager, to discuss some handsome investment for long term. He is promptly taken to Branch Manager B. L. Jain, who is there with some other bankers, including a woman banker, A. Bindal.
After informing us about how online banking could be done all days and night at this branch, Jain asks: “Ktine ka investment hai (How big is the investment).”
It’s about Rs. 60 lakh, we tell him, and it has to be done in the names of three people, in long-term plan. There should be no TDS.
The senior banker asks if we have an account with ICICI Bank.
No, we don’t have one with you. We have an account with Allahabad Bank but they don’t have much to offer us. We don’t want to invest in FDs; maybe in insurance where our investment is exempt from tax.
Jain seeks to call back an investment expert, who was with him a short while ago, to our presence.
After exchanging the numbers with the banker, our reporter tells who the real owner of all this money is: A minister. It is to be invested in three names: me, my wife and the minister’s wife.
Jain seeks to know: “Ye abhi saath lakh kahan pade hain (Where is this Rs. 60 lakh lying).”
All this cash is kept at home, we inform the banker.
Asks Jain: “Cash kaise jama karenge (How will deposit the cash)?”
That is why we have come to seek your help, we say.
It is a problem, says the banker, as one can’t deposit more than Rs. 50000 in cash.
As our reporter looks for help, Jain suggests: “Fir account wagaireh mein daalna padega (Then you will have to put it in an account).”
We would love to open an account with you, we say.
Jain says: “Account mein agar PAN number daalne ke baad toh kyonki dus lakh se upar toh … aisa hai usko dukde karna (If you enter you PAN in your account, then … because above Rs. 10 lakh [turning to woman banker] … fragment it [the money]).”
Chips in the woman Privilege Banker A. Bindal, to suggest a way out: “Nahin toh aisa karte hain na family daal ke … family members ho gaye na toh saare family members ke naam pe thoda thoda kar lenge invest (Otherwise, we can bring in the family … if we have family members, then we can invest in smaller sums in all their names).”
We are closer to finding a solution to this tricky problem, looks like.
Now, her boss explains: “Shuru mein kum lenge usko … aisa aap thoda ye dhyaan rakhiye … ek badi bahut badi baat hai … dus lakh se upar ki jo entry hoti hai wo Reserve Bank mein chali jaati hai … usko iss tarah karenege char panch char panch lakh mein … tukde mein … hafte bhar mein dena padega (Initially, we will take less … keep this in mind … it’s [I am telling a ] a big thing … an entry above Rs. 10 lakh is sent to the Reserve Bank [of India] … we will do it in chunks like Rs. 4 or 5 lakh … this way … in chunks … [you] will have to give it in a week).”
We are not in a hurry, we assure the banker on our part. We would do what you suggest. It may otherwise expose our minister who has a big reputation.
The banker says we would have to observe caution so that we don’t have to face a problem.
Finding the banker on our side, our reporter invites Jain to come over to meet the minister.
Agreeing, Jain seeks to know who the minister is and where does he stay.
We tell the banker it won’t be appropriate to divulge his identity. That is why we are investing the cash in his wife’s name.
Appreciating the point, Jain doesn’t press. Then, Jain tells us that it won’t be possible to put in Rs. 10 lakh in one shot without PAN. If the minister’s wife has a PAN then there would be no problem.
Problem there would be, our reporter protests, if it is disclosed. Then, the taxman might serve us a notice a couple of years down the line when you have moved to some other branch or place. So, suggest us only a method which is the “safest.”
Turning to Bindal, Jain says: “Iski entry account ke through ja hi nahin paygi … cash ki entry wo problem rahegi … bada amount hai … chaar paanch chaar paanch lakh usko pehle chaar paanch karke jama karte rahenge … fir usko invest karenge (Its entry through the account will not go … entry of cash will be a problem … the amount is big … first we will deposit it in chunks of Rs. 4–5 lakh … then we will invest that).”
Agrees an understanding Bindal: “Wo main samajh gayi (I go it).”
Although the bankers know such big cash transactions are not allowed, yet they are willing to help us by slipping all our cash into the system in smaller chunks on intervals. This is how our money would be routed?
How many members you have in the family, asks the banker.
Three, we inform, saying the money has to be invested in the names of three members: me, my wife and the minister’s wife. We are related by marriage.
Bindal comes up with a solution: “Sir teen hain toh … chhe account toh aise ho jayenge … join karke (Sir, if there are three … then there we can have six accounts … by joining them).”
What the Privilege Banker is suggesting is that we can have three individual accounts and three joint accounts.
This serves our immediate purpose of putting in all our cash of Rs. 60 lakh, we say appreciatively, in one stroke. Our reporter doesn’t forget to pay compliments to Bindal for suggesting such a simple but effective way of laundering money.
Jain again strikes a note of caution: “Tukde mein daalna … ek saath nahin (Put it in chunks … not in one shot).” He adds: “Nazar mein nahin aaye wohi kaam karna hai (Have to do it in such a manner as doesn’t attract attention).”
This way our money would be routed through our accounts into investment, we come to know, as Jain suggests us to invest for a period of 10 years.
We say staying invested for 10 years is not an issue as long as our money becomes white and the investment doesn’t depreciate in value.
Agreeing, Jain suggests us to buy a plan linked to government securities which offer guaranteed returns.
An investment savvy that our reporter is he seeks to know what returns we would get, and if there would TDS. The returns would be tax-free, we are told. Happy, our reporter again asks the bankers to visit the minister.
Agreeing to bring along his team including the Privilege Banker, Jain seeks to meet the minister separately: “Main aa jaoonga … mujhe koi problem nahin hai … main aa jaoonga … mai pehle thoda alag se mil loonga (I will come … I have no problem … I will come … I will meet him [the minister] separately a few minutes earlier).”
Turning to the man who we learn later on is from ICIC Prudential Investment, sitting next to our reporter, Jain ask his colleague to educate us on the plan. The banker tells about a plan of ICICI Prudential, the insurance arm of ICICI Bank, in which we have to pay for 5 years and after 10 years we would get returns almost three times the sum assured.
We quite appreciate the plan and its returns, which are no doubt phenomenal. Asking them to tell our minister simply that our money would become double, our reporter seeks to know if the returns would come in white.
Yes, say both the insurance advisor and Bindal: “White mein ayega (The returns would be in white).”
Nodding in agreement, Jain too assures: “Direct indirect black money hai … seedhi baat hai black money hai … nazar nahin aayega (Direct or indirect, it’s black money … it’s simply black money … it won’t be seen).”
Would we get it back by DD, our reporter asks.
Replies Jain as quickly: “Haan … DD se aayega (Yes … it will come by DD).”
Quoting Section 10-10(D), Bindal seconds her boos: “Tabhi toh main bol rahi hoon … ye white ho kar aayega na … ye poora aapka tax free hoga (That is why I am telling you … it will all come in white … it will be entirely tax free).”
In the bonhomie of the moment, the bankers agree even to send the doctor to the minister’s residence to conduct the medical check-up, mandatory for buying an insurance policy.
As our discussion moves on, we ask the bankers to keep the deal a secret, as it is a high-profile matter.
Swearing to secrecy, an elated Jain says: “Acha aisa hai main aapko maloom nahin main bhi usi group mein hoon … usi group mein (Is that so … you don’t know I too belong to the same group … the same group).”
We come to know that his daughter is working for the Congress Party and some of his family members, back in Rajasthan his home state, hold some executive positions in the local government bodies. He even drops the names of some politicians who have accounts with Rajasthan Bank, his previous organization, and some heavyweight lawyer-politician from Delhi as well. He has to visit their homes sometimes, he claims. But he is not willing to share how much they have invested.
Our reporter asks him to employ the same method as he has used to help those politicos with investing their money, as we are not as knowledgeable as they are.
Suggests Jain again: “Actually, kya hai Sir badi entry dono cheezein dhyan rakhenge … warna toh itna amount dus lakh se upar dus lakh se upar tak jama ho … but paanch che lakh tak karna isase zyada mat karna (Actually, Sir you have to keep in mind both the things for big entry … otherwise … depositing above Rs. 10 lakh … but deposit only Rs. 5–6 lakh).”
Then, Jain asks his colleague from ICICI Prudential to tell us about ERS, a retirement plan especially designed for the elite.
Says the insurer: “Ismein minimum aapko ismein five lakh rupees aapko ismein daalna hai … maximum koi limitation nahin hai (You have to put a minimum of Rs. 5 lakh in it [ERS] … there is no limitation as to the maximum).”
Means, we can put in Rs. 20¬–25 lakh, exclaims our reporter. There is no TDS, we come to learn, and the returns are tax free. We could withdraw the money after 5 years.
As the discussion moves on to other investment tools, we say we are not worried much about the profit but about the safety of our investment, and then our money should be converted into white. We are expecting Rs. 5–7 crore in March. Our reporter raises the stakes.
Jain assures us he won’t give us any wrong advice.
Both Jain and the man from ICIC Prudential begin to discuss as to how the money should be slipped in a hassle-free manner. Bindal chips in to assure all the parties: “Sir wo toh koi pareshanin nahin inke che account hain aur che account mein paanch paanch toh tees toh aise hi nikal gaye (Sir, there is no problems as such as they will have six accounts and if in all six accounts Rs. 5 lakh is put in each, then Rs. 30 lakh will have slipped in).”
We all agree.
The insurer also agrees to come along to meet our minister.
Satisfied, we are dealing with the right bankers, our reporter asks for a locker big enough to safe keep Rs. 5–7 crore cash that our minister is expecting in March.
After weighing availability with various branches in Delhi, the bankers promise to provide a big locker at their Videocon Towers branch. They also promise to shift the locker to their branch some time later.
Finding all the three bankers being so helpful, our reporter comes to the last of our wish-list.
The minister’s wife frequently goes to England. She wants to send abroad some of the money in chunks of Rs. 30–40 lakh a couple of times, from the Rs. 5–7 crore that would be parked in your bank lockers. Could the bankers help?
Although Jain is a bit skeptical and thinks the transaction would come to the notice, Bindal suggests us to open an NRE/NRO account and make smaller transactions: “Itna transaction karwaenge hi nahin hum aapka … kuch bhi karenge na humse pooch ke kariye (We will not do that much transaction … whatever you do ask us first).”
The insurer gives the final assurance: “Sir jo appka motive hai na wo hum dhyaan mein hi rakhenge (Sir, we will keep your motive in mind).”
Our reporter takes their leave as both the parties agree to meet again and take the deal forward in the presence of the minister. The insurer sees our reporter off the bank, in an effort to build a rapport. We come to know he is associated with some other branch and is dismissive of Jain’s approach. This young brat of a banker lets out a secret: “Aisa hota hai na jo mantri hote hain … mantri khud ke account mein paisa nahin daalte … wo kahin na kahin se link-up karwate hain (It happens that the ministers never put in their money in their account … somewhere they manage to link it up).”
With this secret in our bag, we say goodbye to the banker with a word to meet again.
On being contacted by the Cobrapost reporter for his reaction to the expose, he informs us that he has taken retirement from his job.
