Quick Summary
The Income Tax Department carried out search and seizure operations on 02.12.2021 on four Bangalore based Credit Cooperative Societies (CCS) and their associates. These search actions have revealed gross irregularities in the operations of these CCS and involvement of their promoters in siphoning
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FAQ :
The Income Tax Department carried out search and seizure operations on 02.12.2021.
Four Bangalore-based Credit Cooperative Societies (CCS) and their associates were targeted.
The operations revealed gross irregularities, including promoters siphoning off depositor funds for personal use, operating with relaxed KYC norms, opening accounts without PAN, facilitating bogus expenses, money laundering, and lending without approval.
Yes, unaccounted cash of more than Rs. 4 crore was seized. Undisclosed investments in immovable properties aggregating to about Rs. 130 crore were also discovered.
Methods included facilitating bogus expenses, accepting cash deposits for laundering, issuing fake Fixed Deposit certificates, and diverting member deposits to entities controlled by promoters. A client involved in buying old gold was found to have suppressed sales worth Rs. 20 crore.
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