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The Enforcement Directorate (ED) officials on Friday served notice to a Union Bank manager in connection with the Madhu Koda scam.
The official, employed at Union Bank's Zaveri Bazaar branch in Mumbai, has been asked to appear before the ED on Friday or by 2 pm on Saturday.
Madhu Koda's front companies are said to have deposited Rs 640 cr between November 2006 and December 2008.
The bank is under scanner for failing to alert financial intelligence unit of these transactions.
The ED will ask the official to explain whether norms were followed before accepting such a huge deposit.
The ED will also ask the official whether he had informed higher authorities about the transaction.
RBI rules mandates banks should verify the identity of depositor and source of funds.
The Enforcement Directorate (ED) officials on Friday served notice to a Union Bank manager in connection with the Madhu Koda scam.
The official, employed at Union Bank's Zaveri Bazaar branch in Mumbai, has been asked to appear before the ED on Friday or by 2 pm on Saturday.
Madhu Koda's front companies are said to have deposited Rs 640 cr between November 2006 and December 2008.
The bank is under scanner for failing to alert financial intelligence unit of these transactions.
The ED will ask the official to explain whether norms were followed before accepting such a huge deposit.
The ED will also ask the official whether he had informed higher authorities about the transaction.
RBI rules mandates banks should verify the identity of depositor and source of funds.
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