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Man uses 700 people to deposit, withdraw cash
According to the CBI sources, Kishore Bhajiawala, a Surat-based financier used 700 people for depositing and withdrawing money after the demonetization. The IT officials recovered Rs. 10.45 crores in unaccounted for income, fake bank accounts to launder black money. He also held property worth Rs 400 crores.
IT sources said that, Bhajiawala had 27 bank accounts of which around 20 were benami accounts through which he laundered a large chunk of money. The amount of money he has deposited and withdrawn, is yet to be known.
Rs. 1,45,50,800 (all in new currency notes), gold worth Rs 1,48,88,133, gold jewellery worth Rs 4,92,96,314, diamond jewellery worth Rs 1,39,34,580, and silver ingots worth Rs 77,81,800. Speculating the involvement of the biggies, the case was handed over to the CBI.
Bhajiawala, whose net worth is around Rs 1,300 crores, owns several row houses, commercial properties, flats and plots in Hyderabad. According to the IT department sources, he used to get property documents from debtors and would transfer the title to his name after default in repayment.
