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Amit Shah Bank Collected Highest Amount of Banned Notes Among Coop Banks

A district cooperative bank from Gujarat, which has  the BJP President Amit Shah as a director, collected the highest deposits among such banks of old Rs 500 and Rs 1,000 notes that were abruptly demonetised on November 8, 2016, according to RTI replies received by a Mumbai activist.

The Ahmedabad District Cooperative Bank (ADCB) secured deposits of Rs 745.59 crore of the spiked notes – in just five days after Prime Minister Narendra Modi made the demonetisation announcement. All the district cooperative banks were banned from accepting deposits of the banned currency notes from the public after November 14, 2016 – five days after demonetisation – on fears that black money would be laundered through this route.

According to the bank’s website, Shah continues to be a director with the bank and has been in that position for several years. He was also the bank’s chairman in 2000. ADCB’s total deposits on March 31, 2017, were Rs 5,050 crore and its net profit for 2016-17 was Rs 14.31 crore.

Rahul ‘congratulates’ Amit Shah

AICC president Rahul Gandhi reacted in satirical way on this news. ” Congratulations Amit Shahji , Director, Ahmedabad Dist. Cooperative Bank, on your bank winning 1st prize in the conversion of old notes to new race. 750 Cr in 5 days! Millions of Indians whose lives were destroyed by Demonetisation, salute your achievement.” Rahul tweeted.

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