It was a dormant savings account of an Uber car driver in a State Bank of Hyderabad branch in the Indian city of Hyderabad. Just after a few days from the Prime Minister Narendra Modi's announcement to ban high denomination currency notes in the country, the amount in the bank account started swelling like anything.
The money in the bank account was being deposited in a phased manner.
Later the amount was also transferred in a phased manner into the account of a bullion merchant through RTGS (real time gross settlement).
The process of depositing cash and transferring was on until the Income Tax Department trapped the driver. The Uber driver is yet to explain the source of the income.
The driver had over Rs 7 crore in his bank account at a time when tax sleuth had got a hold of him.
This is a clear case of converting black money using a poor and uneducated individual. The tax officials are yet to give any official word on the case. Look out this space for more update on this.