Reliance Life Insurance, Case 2, V. Yadav, Senior Territory Manager, , Gurgaon, Haryana
In his zeal to welcome black money, the Reliance Life Insurance official not only suggests ways to invest it but also makes a pitch for miss-selling. Dissuading us from approaching any other company, he claims: “Humara jo group hai na … Reliance … wo itna strong group hai … wo hajam kar jaata hai sub kuch … ye aisi company hai Income Tax walon ko ghusne tak nahin deti (Never approach LIC or some other company even by mistake … they will kill you … that is we … our group Reliance … it is so strong that it gobbles down everything … this company even does not allow Income Tax people to enter its premises).”
Walking into this branch of Reliance Life Insurance somewhere in Gurgaon, Haryana, Cobrapost journalist asks the receptionist to guide him to a manager-level official as he has do discuss about some investment. He is promptly directed to Senior Territory Manager V. Yadav. He tells Yadav that he wants to invest some handsome amount into some long-term investment scheme.
How much you want to invest, asks Yadav.
Around Rs. 50 lakh to start with, tells the reporter.
A happy Yadav recommends us to put money in property as well.
But we are actually in real estate business, the reporter informs him, and the money is out of sale of land.
Yadav proposes a one-time pension plan which brings instant benefits, and all our money would become white.
Yadav suggests: “One-time payment hai … aage aapki immediate pension start ho jayegi… paise ko aap… white ka paisa ayega … paisa aapka monthly mode milega … usko kahin gold kharido… main aapko best bataoon … yahan se jo paisa mila aapko… usse har mahine gold kharido (This is a one-time payment … pension will start immediate[ly] … the money will be white … you will get it in monthly mode … you buy gold with it … I tell you the best thing … purchase gold every month with the money you get back from us).”
Opening his cards, the reporter now tells Yadav who the real owner of the money: A politician. The cash is from sales proceeds of a property.
Reluctant to receive money in cash, Yadav says: “Pachaas hazar se zyada cash to hum lete nahin hain … toh aap uska DD banwa do (We don’t take cash more than Rs. 50,000 … hence you make DD for the cash).”
The reporter tells him that he does not want to show the money in the books so making DD is not possible for him.
However, Yadav has a better idea for investing our big cash. Yadav says: “Aap pachaas lakh cash de denge (Will you give Rs. 50 lakh in cash)?”
What will you give me in return, asks the reporter?
In the same breath replies Yadav to reveal his modus operandi: “Main aapko cheque doonga apna … aapko trust hai toh main daalonga kis tarah se … main DD banwaonga … tukdo mein … dus-dus lakh ka DD banwaonga (I will give you a personal cheque … if you trust me then I will make DD … put it in … in parts … I will get DDs made of Rs. 10 lakh each).”
This is how Yadav was going to help us by taking upon himself the task of converting our hard cash into DDs. We know now our money would sure get legitimacy.
When asked if we should come along when he goes to make the DD, Yadav agrees and says: “DD main aapka different different account se banwa doonga … uski payment aapko karni padegi DD ki … paise toh lagte hain na DD ke (I will get the DDs made from different accounts … but you will have to pay for that … after all you have to pay for the DDs).”
What would be the charges for getting the DDs for Rs. 50 lakh?
Yadav opines: “Dus pandrah hazaar rupaye lagenge zyada se zyada … utna toh paisa aa raha hai yaar (Maximum, it will be around Rs. 10–15,000 … friend this much money is coming in return).”
How long would it take for him to get the DDs for our cash, asks the reporter.
Yadav says: “Main aapka usi time na cash log in karwa doonga … rasid de denge fatafat… paper toh ek hafte mein (I will get your cash logged in immediately … you will get the receipt then and there … the papers will take a week).”
The reporter then asks if there would be any problem from the Income Tax Department in future. Yadav says: “Kuch nahin wo humari tension hai … jab chahe le ke aao (Nothing of that sort … that’s our tension … whenever you want you can bring [the cash]).”
What about the returns?
Yadav says: “Pachaas lakh ka paanch guna … dhai crore mil jayega … white paisa milega ekdum (Five times of [the sum assured] Rs. 50 lakh … you will get Rs. 2.5 crores … you will get is absolutely white).”
Would we get life cover as well?
There would be no cover, says Yadav why: “Cover ke liye to income proof chahiye hoga ismein … wo toh doosre tarike se hoga na … koi nahin karega (For [life] cover you need to give income proof … that will be done in a different way … no one will do this).”
Among the documents required, Yadav asks us to give PAN card.
But then will have to show the investment in our books, says the reporter.
Understanding our concern, Yadav says: “Nahin daalenge … humein sirf yahan pe system ke liye … hum PAN card pe nahin entry karenge uski … aapse to hum draft le rahe hain yaar … draft ka koi link hi nahin hota … aapne sirf PAN card … Government ko bewkoof banane ke liye ki hum PAN card mein entry nahin karte … we are not a bank … jo aapko PAN card mein entry … Government ke rule hai ki kisi ka bhi pachaass hazaar ke upar zyada lete ho aap toh uska PAN ka number lo … wo hum dikhate nahin hain … government ke hisaab se wo cheez alag … jo aapne paisa diya uski receipt yehi reh jaati hai … uska government se koi lena dena nahin hai(We will not put it in … [that is] only for the system here … we won’t make an entry for that on PAN card … we are taking drafts from you … there is no link of the drafts … the PAN card is only to make a fool of the government … we don’t make entries on the PAN card … we are not a bank that we need to make entries on the PAN card … the government rules say that when you accept cash above Rs. 50,000, you need to take the PAN number … but we don’t show that … it is different as far as the government is concerned … the receipt for the cash you give us stays with us … government has nothing to do with it).” You will come in the picture only when you claim it, he adds.
The suggestion is unmistakable that a foolproof system is in place in his company to bypass all the government rules and literally throw the dust in the eyes of its agencies. And the confession is coming from not a minion of an official of Reliance Life but someone who is a senior territory manager with dozens of branches under his belt and with loads of experience.
The reporter then asks whether Yadav has done such types of investment of black money before.
A little irritated Yadav says: “Aap pachass lakh rupaye laiye hum chalte hain DD banwa Reliance Insurance ke naam pe … mere naam pe toh DD nahin banwa rahe hain aap… aap khud banwa sakte hain toh khud banwa lijiye (You bring Rs. 50 lakh … we go to make the DD in the name of Reliance Insurance … you are not making DDs in my name … if you can get it made on your own, then go ahead).”
Oh no! That would be like throwing a spanner in the works. We realize our mistake and correcting it tell him we can’t do it on our own.
Yadav continues to claim: “Bhai aap pachaas lakh doge cash … main aapko likhe ke de doonga ki I have received 50 lakh … best option yehi hai ki main apne bank mein chaloonga jahan ke mere log jaankar hain … 5 ka DD banwa lo 2 ka, 10 ka ekatthe kar ke 50 lakh ka DD banwa lo (Brother, you give me Rs. 50 lakh … I will give you in writing that I have received [Rs.] 50 lakh … the best way is I will go to my bank where I know a few people … you can make several DDs for [Rs.] 5 [lakh], for 2 [lakh], for 10 [lakh] … all DDs totaling Rs. 50 lakh).”
Yadav is worried only about fake currency notes.
But he has a solution: “Main do–chaar bank waale se baat kar loonga … DD banwane hain … account khulwa loonga kisi ke naam se ya jo bhi hai setting karenge … do–char lakh main apne account se banwa sakta hoon … zyada main bhi nahin banwa sakta … daalenge –karenge… bank mein jayenge… paisa apne aap dal jayega ye naqli hai ya asli … draft ban jayega (I will talk with a couple of bankers there … I will get an account opened in somebody’s name … whatever the setting I will do it … I can get [demand draft of Rs.] 2–4 lakh through my own account … not more than that … we will put in [the money] … will get it done [get the DDs] … will go to the bank … whether fake or real [currency notes, all the] cash will be put automatically … draft will be issued).”
Then, Yadav suggests to get the cash in the system by splitting it: “System mein daalenge … draft dena hai … cash uthane ki bhi jhanjhat nahin hai … pachaas lakh rupaye aise karte hain parts mein … ek din dus le liye … main aapko sahi tarika batata hoon … Iqatthe mat laiye pachas (Will put [the cash] in the system … have to give draft … you don’t have to carry [so much] cash … let us divide Rs. 50 lakh into parts … pick up Rs. 10 lakh on some day … I am telling the right method … don’t bring Rs. 50 lakh at once).” Split the cash in smaller, manageable chunks and get DDs for them on different days in favour of Reliance Life Insurance Company.
Tell us if you have other plans, apart from this one, where we can slip in our ill-gotten money, asks the reporter.
They are aplenty, says Yadav: “Bahut se plan hain … par income proof mangte hain … income proof bhi banwa doonga main bus … ye 10–15 lakh ka toh main banwa doonga ki agriculture hai … kuch nahin main karwa doonga (There are so many plans … but they ask for income proof … I will also get you the income proof … I will get you one showing you to have an income of Rs. 10–15 lakh from agriculture … there is no big deal … I will get it done).”
Yadav also knows the perils of doing such dubious, unlawful practices: “Main in cheezon se waise bhi door rehta hoon … maine aapko pata nahin kyun bol diya … in jhamelon mein padna matlab business se dande khane bhi hai … kai baar phuns jaata hai aadmi (I stay away from all such things … don’t know why I told you … involving oneself means you can receive punishment in the business as well … many times a man gets caught).”
The reporter then tells him in no way should we be troubled by the Income Tax Department.
What Yadav tells is quite revealing: “Is tarah ki cheezon mein … ye hawala kaand bolte hain isko … it comes under hawala … aur aadmi aisa phunsta hai … CBI aur RAW usko chhodti nahin hai (In things such as these … they call it hawala … it comes under hawala … and one gets stuck in it in such a way [that] … CBI and RAW don’t spare him).”
Then please don’t dosuch thing for us, pleads our reporter.
But Yadav goes on to reassure us that there is nothing to worry. Buy three–four policies worth Rs. 10 lakh each both your in name and in your wife’s name on intervals of a few days, and do it as quietly as possible. This way they will show up as separate cases and nobody would get a whiff of what happened: “Alag alag case show … kisi ko bhi pata nahin chala kya hua kya nahin hua … pachaas lakh hote hi branch (claps) … kuch nahin … silent rehna kisi ko batana tak nahin hai (Show each a separate case … nobody will come to know what happened … once it is Rs. 50 lakh the branch [claps] … remain silent … never disclose it to anybody).”
We would never do that, says the reporter. When our reporter seeks to know, Yadav promptly educates us on the returns.
Shouldn’t you keep your seniors in the loop with regard to our investment, asks our reporter.
Yadav is quick to reassure: “Kisi ki zaroorat nahin hai … aapko (You don’t need anybody).”
Suppose, you may get promotion and transferred, proffers our reporter, then we might face a problem.
you have met me, it is enough. yadav tells us in a reassuring manner: “Main hi aapka saara kaam kar doonga … DD banwane tak ki zimmewari le li maine aapki … paise jo lagenge aapke lagenge … kal ko income proof ki zaroorat padi … wo bhi main arrange karwa doonga (I will do all the needful … I have taken the responsibility even of making DDs for you … you will have to bear the expenses … if tomorrow a need arises for income proof, I will arrange even that).”
He would even change our address in the records: “Address jahan aap rehte ho doosra address lagwa denge … wo address bhi nahin rahega … banda dhoondega bhi to kisko … mobile number aapka rahega bus … aapse koi pooche toh haan main hoon … aapki koi verification nahin hogi … kuch nahin hoga (We will give an address other than where your stay … that address will not be there … who they will look for? Only your mobile number will be there … if somebody asks you say yes I am … there will be no verification … nothing that sort).”
According to Yadav, insurance is the only way in which black money can be made white without the Income Tax Department coming to know about it.
Yadav cautions us against approaching other companies: “Galti se LIC mein mat kar dena ya kisi doosre company mein mat karna … mar jaoge…hum isliye kyunki humara jo group hai na … Reliance … wo itna strong group hai … wo hajam kar jaata hai sub kuch … ye aisi company hai Income Tax walon ko ghusne tak nahin deti (Never approach LIC or some other company even by mistake … they will kill you … that is we … our group Reliance … it is so strong that it gobbles down everything … this company even does not allow Income Tax people to enter its premises).”
Are the Income Tax authorities and his employers listening? What they call it, miss-selling?
We are in awe at the revelation of the immense influence that the owner of his company wields. When our reporter reiterates if the investment would be safe and if the Income Tax Department would ever create a problem, Yadav again advises us to split our money to invest the way he has already suggested. There would be no problem then if you invested Rs. 1 crore or Rs. 2 crore.
Don’t approach other companies, Yadav again cautions us. If you go about shouting over the rooftop then you may land in trouble with the authorities. You never know when they would turn your case over to some investigating agencies.
Fine, we would be the last person to do that and invite trouble, says our reporter.
Would we require to produce a PAN card to get DDs from the bank, the reporter asks.
Greasing the palm of the manager would serve the purpose, says Yadav: “Kuch nahin hoga bank manager ke saath… bolna ki DD banwana hai … branch … uske baad apna commission le lega … kahani khatam … usko… le pakad bhai … dus kaam karte hain hum logo ke (Nothing will happen when we meet the manager … we will tell him we want to make DD … he will take a commission … the story ends there … we will say here it is take it … we also do many favours to these people).”
The meeting draws to a close with a word of taking the deal forward in the presence of minister at his residence a day later.
When our reporter reiterates his proposition of putting on his table Rs. 1 crore, he is open about the offer and asks our reporter to come to his branch. But once told of the real identity of our reporter, he denies everything he had said and says such acts come under anti-money laundering law.
