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Black money converted to white through DD

black money

Bengaluru: The demonetisation move to flush out black money has only caused trouble to common man, but corruption continues as black money holders were able to convert large amounts into white through Demand Drafts (DD).

Many private company owners were given new notes post cancellation of their DD. As per reports, the Central Bank of India in Bengaluru city came under the radar when the director of Omkar Parimal Mandir, S Gopal along with his son Ashwin Sunku prepared 149 DDs worth Rs 70 lakhs from the bank.

These DDs were issued under the name of MS Bajaj Finance between November 15 to 18. The father and son duo paid the amount of DD in old currency. But after some days S Gopal cancelled these drafts and bank gave new notes of the same amount to him.

The CBI arrested S Gopal and his son along with the involved bank manager.

As per RBI rules the amount of DD can be paid either by cash or from transfer (cheque).

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