ACC investigates 74 suspicious bank accounts

ACC investigates 74 suspicious bank accounts

SAM Staff,

The Bhutanese Anti-Corruption Commission (ACC) is reportedly questioning and ascertaining the legality of sources for more than INR 107.435 million (M) of demonetised notes deposited in 74 bank accounts.

It has been learnt that of the total amount deposited in the 74 accounts that is under the preview of the ACC, Nu 69.175M were “highly suspicious accounts” of 10 individuals.

ACC officials said that the commission has assigned a team of senior officials to look into the INR deposits after the Royal Monetary Authority of Bhutan (RMA) forwarded 700 INR accounts to ACC and another 725 accounts to the Department of Revenue and Customs (DRC) for review.

There were 27,000 accounts with INR 1.6 billion deposited in various financial institutions in the country during the demonetisation of INR notes.

The commission has reportedly categorised 700 suspicious accounts into four different types – dormant accounts where no transactions were recorded until the demonetisation issue, accounts with repeated transactions on multiple bank accounts, related party bank accounts where families and relatives had deposited INR, and new accounts that were opened during the time of demonetisation.

As of now, the commission has cleared 626 INR deposits amounting to Nu 200M, where the INR account holders are allowed to withdraw their deposits in Ngultrums after the review began on April 5.

According to an ACC official, the team is currently ascertaining the remaining INR account holders to ensure the sources and establish that the deposits were made legally.

If the suspected account holders do not provide substantial evidence and convincing reasons, ACC officials said that the commission would recommend the RMA to seize the money deposited as per the foreign exchange rules and regulations. Bank officials said that they are allowing people to withdraw Ngultrum against the INR based on the list the central bank had provided them.