I-T Dept Detects Rs 120 Crore Irregularities in Delhi Co-Op Bank
A number of RBI guidelines were flouted by the bank leading to illegal conversion and exchange of scrapped notes.
The Income Tax (I-T) department has detected alleged irregularities of worth Rs 120 crore in conversion of old scrapped notes by a co-operative bank in New Delhi.
The I-T department conducted multiple searches in the bank and also in the residential premises of its executives. After about five days of operations, it detected that a number of RBI guidelines were flouted leading to illegal conversion and exchange of scrapped notes.
It was also found that the bank, post demonetisation, opened a number of new accounts to allegedly facilitate huge deposits using weak Know Your Customer (KYC) documents.
Officials said the department has seized a number of records from the bank and has summoned a number of bank executives for questioning.
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