Yes Bank, Case 3, A. Tripathy, Banker; O. Vaibhav, Branch Service Partner; S. Arora, Assistant Manager, South Delhi
When the Cobrapost journalist tells the receptionist at this branch of Yes Bank somewhere in South Delhi, known for its temples and sprawling farm houses, he intends to invest some “handsome amount” for a long term, the receptionist calls Arvind Tripathy to negotiate the deal.
The reporter states the purpose of his visit: A politician of stature wants to invest some big money. We didn’t approach a government bank as they can offer us only FDs, with not so good an interest rate, and then we would have to show it in our books.
Tripathy proposes a Max Life product with guaranteed returns, for which money has to be paid for 6 years.
Would the returns that we would get be in white, ask the reporter.
To which he says: “Nahin TDS nahin kategi … ye Section 80(C) approved hai aur Section 10–10(D) jo amount milega wo bhi tax free hoga… saara tax free hoga (No, there will be no TDS … this is approved under Sections 80(C) and 10–10(D) … whatever amount you will get is tax free … entirely tax free).”
The reporter asks if the money after maturity would come through cheque, completely in white.
Tripathy says: “Ji bilkul (Yes, absolutely).”
In the meanwhile, O. Vaibhav joins in the conversation.
The reporter agrees to invest Rs. 10 lakh every year for 6 years, as proposed by the banker, in the names of three individuals. But the investment is to be done in cash.
Open an account and route the cash into investment, suggests Vaibhav: “Aapka account khol denge … aapka ek hi hoga (We will open your account … will it be only one).”
Open accounts in three names, says our reporter.
Vaibhav starts discussing with Tripathy how they would make it possible.
Vaibhav asks Tripathy: “Cash se hoga nahin (Cannot be done through cash).”
Tripathy then says: “Nahin account inka open kar denge na (No, we will open an account for him).”
Vaibhav says again: “Toh account se aap cash mein …. (Then, through the account in cash …).”
Tripathy answers again: “Nahin cheque denge na account se … account ka procedure complete karna padega na Sir ko … toh maan lijiye DD usi se ban jayega kyunki naya account hoga usse to koi problem hai nahi… account mein deposit karenge Sir … DD bana lenge … next year se Sir ke upar depend karega (No, Sir [referring to the reporter] will issue a cheque from his account … Sir will have to complete the account opening procedure … then suppose we make DD from that account because it is a new account there will be no problem … Sir will deposit it [the cash] in the account … we will make DD … next year onward it will depend upon Sir.”
We never knew investing in cash could be made so easy.
We want our money safe, the reporter tells the bankers, and would invest only when there is no hassle.
Tripathy assures us all possible steps would be taken by the bankers to make our investment money safe. The banker then educates us on the investment and the returns we would get upon maturity of the scheme.
As the discussion ends, another banker, Assistant Manager S. Arora, joins in. Few questions later, Arora understands our purpose and straightaway asks: “Main ye aapse poochna chah raha tha ki aapko convert karna hai seedhi si baat hai … cash mein hi karna hai aaur teen bandon ke naam pe hi karna hai (I want to ask you that you want to convert [the money into white] … it is as simple as that … want to do it only in cash and in the names of three individuals)?”
Arora goes on to reassure us: “Dekhiye main aapki investment cash mein karwa doonga … main jo dikhaoonga ek cheez ye ho sakti hai … ki aap yahan pe account kholo… account kholo account mein aap cash jama kar do … cash jama karne ke baad uske baad main DD bana ke route kar doonga … jo maturity pe aapko paisa milega wo cheque ke through hi milega … ya account mein direct credit hoga … wo doosre …. jayega toh wo white ho jayega (See, I will get your investment done in cash … what I will show, for example, is that you open an account here … deposit cash here … after you deposit cash in the account … I will make DD and will route it … whatever amount you get after maturity will be by cheque or will be directly credited into your account … what will go will become white).”
However, this is not the only way with which Arora could facilitate the conversion of black money into white. He suggests: “Doosri cheez ye ho sakti hai main aapko seedha hi investment mein karaoon … jo main aapka karaoon wo main aapka seedha investment hi karaoon … account ki zaroorat nahin hai … dekhiye ek cheez aapko ye dhyan rakhna hoga ki aap jab bank mein account khologe … naya naya account khologe … naya naya account kholne ke baad usmein cash jama karoge … wo poochenge ki cash kahan se aaya? Wo dikh jayega … uske liye bhi ho sakta hai ilaj … uska ye ho sakta hai ki main ye bol doon ki maan lijiye ki aap ne property bech di … cash mein aaya paisa (The second thing which can be done is I will ask you to directly make an investment … there is no need for any account … but you will have to keep in mind that after you open a new account … you deposit cash in it … they will ask from where did the cash come … that will come into notice … there can be a remedy also for that … suppose, I tell them I have sold a property … got the money in cash).”
What Arora suggests is we have to declare our black money as something earned from the proceeds of a property sale.
Arora also reassures us that the actual source of money would not be revealed and there would be no trouble for the minister. Arora continues to say that all these documents are kept for their record only, and then suggests us to do it in smaller chunks at intervals of few days, so that our investment of huge cash does not come into notice.
Coming up with another suggestion to help us pump in our black money into the banking system, Arora says: “Doosra main aapko ye bata raha hoon jo ki zyada beneficial hai … main ye karoonga aapka main dikha doonga agricultural income … agricultural income hai Chattarpur mein … main aapko ye baat bata doon ki Chattarpur mein main … jitna bhi hai … jitne bhi aise transactions hoti hain … mostly agricultural income ka hi khata hai … main yehi karoonga ki ek Form 61 hota hai … Form 61 hota hi yehi hai ki meri ye income jo hai agricultural income hai… uspe likha hua hota hai … main wo Form 61 sign karaoonga … dus lakh rupaye aapse cash loonga aur dus lakh rupaye seedhe investment kar doonga (Second, what I am suggesting you is much more beneficial … I will show it as an agricultural income … I have agricultural income from Chattarpur … all such transactions are shown as agricultural income … there is this Form 61, which declares that this money is my agricultural income … it is written there on it … I will get a Form 61 signed by you … then I will take Rs. 10 lakh cash from you and invest it).”
Great idea! Now, we know how people invest their black money showing it as an agriculture income to circumvent the law.
What would the mode of payment we would like to keep, asks Arora, yearly or one time.
We are open to whatever you suggest, says our reporter, to get black money converted into white, as much as possible.
Arora seeks to know: “Amount hai jo aap karna chahte ho ([Tell me] the amount you want to invest).”
Rs. 1 crore in cash, returns our reporter. Rs. 8–10 crore, again in cash, is expected next month.
“Kitne bande hain (How many people are there)?” asks Arora.
Three, we tell him.
Thinking for a moment, Arora says: “Agar aapke paas itna amount hai … jo aapne karna hai … aapko main yeh kahoonga ki aap dono cheezein … karke chaliye … ek cheez ye hai ki aap dus –dus, bees–bees, pandrah–pandrah lakh maan ke chaliye … pandrah pandrah lakh ka jo investment hai one time humari jo bola aapko agricultural income usmei humein kuch nahin karna hai seedha cash se aap kar lo … doosri baat ye hai ki … saath mein mere saath kholiye account… chota chota cash daliye… jama karte rahiye … chalta rahega … chota chota karte rehne ke ek mahine baad … acha khasa amount aa jayega teeno account mein … un teenon ko fir aap DD banwa lena … wo investment kar denge … dono cheezein ho jayengi (If you have that much amount … which you want to invest … I will suggest you to do it both ways … one thing is you put in 10–10, 20–20, 15–15 lakh in our one- time investment [scheme] … as I told you [showing] it as agricultural income … we don’t have to do anything much … simply do it in cash … simultaneously open an account with us … put in smaller amounts of cash … keep depositing it … after doing it in smaller chunks in one month there will be a good amount [of money] in all three accounts … then you can make DD from those three accounts … we will make investment then … this way both things will be taken care of).”
Why should we go for investment both ways, asks our reporter, with and without account?
Banker Arora has the answer: “Toh aapka ye hoga ki aapka abhi wala jo amount hai … wo maine cover up karwa ke diya … ek crore hai aapke paas chalis lakh maan lijiye … chalis lakh ko tukdo mein aapne teen account mein thode thode dino mein jama kar diye … chalis lakh rupaye ye ho gaye… fir March mein ja ke maine usko reinvest kara diya … wo doosri company mein kara diya … ek jo main bulk ka bata raha hoon wo … Bajaj … Bajaj Allianz mein … doosri wali jo jayegi wo jayegi Max New York mein (What I have done is I have covered up the amount [you have proposed] to invest immediately … you have Rs. 1 crore … assume you have 40 lakh … you deposit 40 lakh in smaller chunks in three accounts on intervals of a few days … your 40 lakh is sorted here … then I will reinvest the money March … that is invested in another company … I am talking about the [cash in] bulk … that will be [invested] in Bajaj … Bajaj Allianz … the second tranche will go to Max New York).”
The reporter inquires if both these investments would be connected to each other?
Arora says: “Koi connection nahin hai uska alag hai … uska alag hai… Bajaj mein aapka main cash kara doonga (There is no connection between the two investments … that will be separate … in Bajaj I will get it done in cash).”
Arora further assures that everything related to this investment will be kept confidential.
After the modalities of investment in cash are settled, the reporter asks for another favour.
Can the bank provide a locker big enough to safe keep the big cash expected next month, in bills of 500?
Although not available with his branch, Arora would get us with some other: “Locker main dilwa doonga … meri branch mein nahin hai … Vasant Kunj branch mein hai lekin main dilwa doonga … mere ko thoda sa advance mein batana parega (I will get you the locker … it is not available in our branch … Vasant Kunj branch has … but I will get it for you there … but you will have to tell me in advance).”
We have no problem if our money is routed through somebody else’s account into investment.
Arora opines: “Account se karenge hi nahin na … kum kisi account se kar nahi rahe hain … hum sirf cash le rahe hain aur cash se hi investment kar rahe hai bus (We will not do it through the account … we are not going in for investment through any account … we are only taking cash and investing in cash, that’s all).”
The politician is soon expecting Rs. 5–10 crore cash. Where will all the money be accommodated? Our reporter raises the stakes.
Arora interrupts and says: “Wo toh locker mein hi jayega … dheere dheere … aisa nahin hai ki aap ekdum kar doge na tab wo … apne mere knowledge me daal diya … wo main aapka karwa doonga … usi hisaab se karwaonga ki aapko bhi koi dikkat na ho … mere ko bhi koi dikkat na ho (That will go into the locker … but deposit gradually and not at one go … you have brought it to my knowledge now … I will take care of it … it will be done in such a way that neither you nor I face any problem).”
Arora advises us to invest our crores gradually in different schemes to avoid IT scrutiny.
What needs to be done, the reporter asks.
Arora says: “Mere paas aaj ki date mein Bajaj ke taraf se bhi aaye hue hain … Max ki taraf se bhi aaye hue hain … dono raaste khule hue hain … main dono karwa sakta hoon … ek karwa sakta hoon … aur jaisa aap kahenge waisa karwa sakta hoon cash mein bhi karwa sakta hoon account ke through bhi karwa sakta hoon … account ke through karwaonga time lagega thoda sa … pehle account khulwaoonga … uske baad cash jama karwaoonga … uske baad (Today, we have people from Bajaj … we have people from Max … there are both ways open for us … I can get your work done through one or both … according to your wish … I can even do it through the account or without the account … but it will take some time to do it through the account … first, I will open an account for you … then I will deposit your cash … after that).”
The reporter reminds him that this is the second method as the banker had previously suggested.
Arora says: “Pehla direct cash karenge … agricultural income dikhaenge … pandrah-pandrah lakh teeno bando ke naam pe bees-bees lakh rupaye … ho gaya … PAN card humein chahiye nahin … jab main dikha hi nahin raha hoon toh PAN card ki zaroorat nahin (First, we will do it in direct cash … will show it as agricultural income … Rs. 15 lakh or 20 lakh [will thus be invested] in three names … we don’t need the PAN card … when I am not showing it, then we don’t need the PAN card).”
As the conversation draws to an end, our reporter asks the banker to arrange for a counting machine in whichever branch the locker will be provided. The banker agrees to do so.
With that, our reporter plays his last card. Does the bank facilitate hawala?
It turns out the branch leader doesn’t have much experience with hawala dealings. However, he promises to figure out the procedure and get back to us on the same.
