Quick Summary
The Income Tax Department carried out search and seizure operations on 27.10.2021 at the Headquarter and one of the branches of an Urban Credit Cooperative Bank located in Maharashtra. The residence of the Chairman and one of its directors were also covered. The analysis of bank data on Core Banking Solutions (CBS) and the statements of key persons recorded during the search action has revealed the glaring irregularities in opening the bank accounts. More than 1200 new bank accounts were open
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FAQ :
The Income Tax Department conducted search and seizure operations on 27.10.2021 at the Headquarter and one of the branches of an Urban Credit Cooperative Bank in Maharashtra.
The residences of the Chairman and one of the directors of the bank were also covered in the search and seizure operations.
More than 1200 new bank accounts were found to have been opened without PAN details and in violation of KYC norms.
Multiple cash deposits totalling £53.72 crore were made into these irregular accounts.
Yes, cash deposits were structured in amounts of £1.9 lakh to avoid the mandatory PAN requirement for deposits over £2 lakh.
The entire amount of £53.72 crore has been restrained based on the gathered evidence and recorded statements.
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