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.

Published
India
1 min read
The bank allegedly opened a number of new accounts to facilitate huge deposits using KYC documents. (Photo: Reuters)

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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