These agents in Jammu are charging 50 percent for converting black money to white


Jammu: As the whole nation is going through the pain of demonetization, there are long queues outside banks and ATM’s for cash. Police along with income tax department are conducting raids throughout the country in order to catch people who somehow managed to convert their black money into white money. Almost everyday media reports are coming regarding the seizing of new currency notes that too in crores. Many banks officials are suspended and arrested in connection to this matter of converting black money into white and functioning of many banks are on the Radar of government.

As, the matter of fact banks officials from Jammu are one step ahead of the system. They have adopted a proxy approach. Where “one doesn’t even have to come to the bank for converting black money into White”. The bank officials have hired henchmen or their so called ‘agents’ working for them who collects money from the party from their doorstep and they will bring back all white money in all new denomination with a cut of 50 percent.
In a sting operation done by a local newspaper in Jammu, where the reporter had called one of the agents on cell-phone he said that he wants to convert his 50 lakh worth of black money into white. In response to that, he told him that you don’t even need to come to the bank and all the money will be delivered after converting it into old denominations at your doorstep.
When asked upon “if there is any risk involved”. Agent replied that his 50 percent commission will cover all the risk and customer don’t have to worry about the risk involved but at onces old notes worth 70lakhs can be converted into new denominations
This operations proves that money laundering is happening in Jammu as well right under the nose of Police and Income tax department.
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