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IT Raid: Income Tax Department took major action on these banks, manipulation of Rs 1000 crore was revealed in the raid

ByTeam BB

Apr 12, 2023

IT Raid on Co-operative Bank: The Income Tax Department, while taking major action on some banks in Karnataka, has disclosed fraudulent expenditure of Rs 1,000 crore. The Income Tax Department has raided the cooperative banks of Karnataka (IT Raid on Cooperative Banks). In this raid, the IT department has detected alleged irregularities. The Central Board of Direct Taxes (CBDT) has disclosed this on Tuesday. It is worth noting that the assembly elections (Karnataka Elections 2023) are also going to be held in Karnataka next month and all the political parties are busy campaigning there.

cooperative banks were evading tax

Giving information about this raid, the Central Board of Direct Taxes has said that the Income Tax Department has conducted its investigation in 16 premises of several cooperative banks. This investigation was started on March 31, 2023. The Income Tax Department suspected that these banks were diverting money from different businesses of their customers so that their tax liabilities could be saved. During this search, the Income Tax Department has also seized cash worth more than Rs 3.3 crore and jewelery worth more than Rs 2 crore.

Banks did not follow KYC rules

According to the CBDT, Income Tax Department, it is found from the evidence that the co-operative banks in the name of different fake institutions are diverting the money of the people related to their customers like real estate companies, contractors etc. without KYC process. They were doing money transactions only after completing the whole process. In its investigation, the IT department has found that the amount deposited in these accounts of the co-operative bank was later withdrawn from the account. For this, the bank has tried to hide the real source of money of the customers. It is to be noted that it is the responsibility of the banks to complete the KYC of all the customers as per the RBI rules.

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