Benami accounts
Querist :
Anonymous
(Querist) 21 February 2018
This query is : Open
Saw this on the Net. Similar query so can you answer please
Many years ago I resigned my Chairmanship & Directorship in a Private Limited company when I found that some hanky panky was going on between the Managing Director and another Director who jointly had signatory powers to operate the Company bank accounts. It has taken me years to grope around to find out where the money was disappearing to.It was a herculean task as it was masked very well by the two of them. Sometime ago one of the ex employees of the Company gave me some leads by naming at least two accounts but without much details as to which bank and which branch,etc. I first tried to get information from HSBC where the Company had the main account but this was a no go as they had instructed the bank not to give me any information without written instructions from at least 2 signatories (I was the third but it was of no use). Next stop was to a Coop Bank where the Company had its day to day running account. Attempts to track down these accounts were futile as it was also stopped by these two signatories. About 7 months ago it was by sheer providence that when I asked one of the bank employees innocently if the two named accounts were with their Colaba branch she scanned through the computer and told me that both the accounts existed and gave me the balances in both accounts; adding that one had been frozen as not being operated for years. On a subsequent visit to the bank I got some more information as I had the Account numbers and found that large deposits by way of Dividend Warrants from Public Limited companies were going into the second Account (and still were going till a few months ago) that had more than 25 lakhs in it ????? I would like to bring this scam into the public domain but do not know how to go about it. Income Tax or Reserve Bank of India or any other body.
Guest
(Expert) 21 February 2018
You are also benami, when you have posted your query anonymously. What for anonymous?
Guest
(Expert) 21 February 2018
Anonymous query, not worth any advice.
P. Venu
(Expert) 23 February 2018
In all probability, you may still be shareholder. Take a joint stand with other shareholders and, if need be, take up the matter with the RoC.
Querist :
Anonymous
(Querist) 23 February 2018
Mr Dhingra/ M/s JIGYASU
Apologies for having sent the earlier query under ANONYMOUS in error.
I am P Phipson and been a member for the last many years.
Can you give me your valued advice; my attempts at the office of ROC at Marine Lines has not got me much joy.
Guest
(Expert) 23 February 2018
It is not difficult to approach to the public domain, IT or the RBI, but being a serious money laundering case, a crucial question arises, how would you be able to find safe exit route for yourself, as for any violation of law, all the directors are held responsible individually as well as collectively for the illegal activities by the company. I do not intend to tell you to avoid reporting. The case should be reported to the appropriate authorities fopr legal action. But any advice for casual approach merely on the basis of your casual type of information may prove to be harmful in your own interest, unless you get the case related documents, particulars of investments as well as the .P&L and Assets & Liability account examined in detail.
Moreover, a pertinent question arises, how benami accounts could be got opened in any bank without passing any resolution by the Board of Directors of which you were also Chairman and are also supposed to be aware of all such account opening and operational activities?
So likewise, if there is truth in your description, there are several other things also, e.g. audit of accounts, signatories of the P&L and Assets & Liabilities accounts, to be discussed in person before any appropriate advise to avoid any harm to your interests.
Guest
(Expert) 23 February 2018
In view of the observations of Mr. Dhingra, I don't think it is advisable to take any action without personally discussing the problem threadbare with some knowledgeable expert on the corporate affairs, as it is time taking job and every angle of legal aspects may have to be analysed before any suitable advice be rendered.
Querist :
Anonymous
(Querist) 25 February 2018
Thank you for your replies but it looks like scamsters can get away with anything. Or that our lives will be miserable if we become whistleblowers.
Guest
(Expert) 25 February 2018
Not mere position, but responsibilities of position do matter. May be intentional or unintentional irregularities by others, any careless handling can bounce back on the position holder with responsibilities also.
Like other experts,. I could also have suggested you where to complain, but you may probably not bear be able to sustain the heat of law with your involvement also, may that be through an oversight or unknowingly.
Kumar Doab
(Expert) 27 February 2018
AQ so NO reply……………
Kumar Doab
(Expert) 27 February 2018
Pls post with your ID and you can get many replies………Your ID does not mean your name or phone number or email Id and don’t post these…
Post your full query in one new thread with your ID…….
Or discuss with a very able senior LOCAL counsel of unshakable repute and integrity specializing in such/civil matters and having successful track record ................and worth his/her salt...in person.........
Querist :
Anonymous
(Querist) 27 February 2018
Kumar Doab Sir. What is the meaning of AQ please
