The Enforcement Directorate (ED) is questioning a Zaveri Bazar-based trader for exchanging Rs 150 crore in old currency at four private banks with the alleged help of bank staffers.
Investigators said the bank employees collected the old currency and deposited the amount into the accounts of several shell firms and later transferred it into the trader’s account using real time gross settlement system (RTGS).
An ED official said, “During interrogation, the trader claimed he received the amount from their clients whom they sold gold. But the trader was unable to provide details of the clients.”
The ED is now in the process of sending letters to the banks in connection with legalising currency using illegal ways.
“We will send letters to all four banks soon and will question bank employees involved,” said an ED official.
No case has been filed so far.
More bullion dealers from the city could come under the scanner of ED,as the agency has focused its attention on the conversion of black money into gold.
Earlier, the central agency had conducted raids at four Zaveri Bazar establishments after intelligence inputs stated black money was being used to buy precious metals. As the trend of pumping black money into gold has been observed across the country, the heat is also now on dealers in the Zaveri Bazaar, the biggest bullion market in the country.