I-T DEPT. SUMMONS UNION BANK OF INDIA CMD IN KODA SCAM CASE

As per the reports appearing in The Hindu Business Line, I.T. Dept. in Mumbai has summoned Mr. M.V. Nair, Chairman & Managing Director, Union Bank of India, for questioning him on why the bank did not do due diligence while accepting deposits of more than Rs.991 Crores from an alleged frontman of former Jharkhand Chief Minister Mr. Madhu Koda.
It is also reported that Mr. Manoj Punamia, an alleged Koda frontman, is understood to have deposited more than Rs.991 Crores in the Union Bank of India account of Balaji Bullion Bazar Branch, Mumbai during 2008 and 2009, including an amount of around Rs.500 crores in Cash.
However, Union Bank of India's Vigilence Official said that the bank officials had followed the specified procedures in terms of KYC Norms and cash transaction reports.
Source: http://www.thehindubusinessline.com/2009/11/14/stories/2009111451000400.htm