This Tamil Nadu man just deposited Rs 246 crore of unaccounted money in Indian Overseas Bank

Ever since demonetization was announced, more than 200 people and companies have deposited unaccounted money amounting to Rs 600 crore in Tamil Nadu and Puducherry. While most deposits have been made in rural areas of the state, some of the deposits were made at the banks in the suburbs of Chennai.

According to a TOI report, a person at Tiruchengode in Namakkal district deposited Rs 246 crore in a branch of the Indian Overseas Bank."We were following him for more than 15 days after finding that he had deposited cash in a rural branch of the IOB. First, he tried to hide, but after a few days he agreed to join the Pradhan Mantri Garib Kalyan Yojana (PMGKY) and pay 45% of the total money as tax. As per PMGKY, 25% of the money will be retained with the government without any interest," a senior I-T investigation wing official told TOI.

"In TN and Pondy, we found 28,000 accounts to be suspicious and some of the accounts had deposits in cash to the tune of Rs 85 lakh or move. In the first instance, we send a mail to the account holder asking for details. Most of them have replied and some of the cases have been closed or they have joined the PMGKY scheme accepting that the cash was black money," he said.

The officials have decided to wait till end of March. If the suspicious accounts don’t come forward on their own, the bank would ask them to pay 83.5% fine.