The Income Tax department has detected huge alleged discrepancies in the transactions of a Rajkot-based cooperative bank where Rs 871 crore deposits were made, over 4,500 new accounts opened and more than five dozen accounts having same mobile number initiated, making it one of the biggest cases of black fund generation post November 8.
The department’s Ahmedabad probe wing has now initiated action under tax laws and has sought full details from the bank after it conducted survey operations against it sometime back and found large irregularities. Officials said the department’s investigation till now has found that cash deposits of Rs 871 crore, majorly using the old notes of Rs 500 and Rs 1000, was made in this bank between November 9-December 30 last year while Rs 108 crore was withdrawn during the same period in a highly suspicious manner not commensurate with the bank’s activities during the same period in 2015 or at other times.
The sleuths have identified at least 25 high value cash deposits post demonetisation where Rs 30 crore monies have been transacted in an alleged suspicious and unsatisfactory manner and in accounts with purported weak KYC norms in place. An I-T analysis report prepared in this regard states that Rs 10 crore funds were deposited in a number of “dormant” accounts post the currency scrap, including in that of a petroleum firm where Rs 2.53 crore was deposited.
What has startled the taxman has been the fact that a total of “4,551 new accounts were opened in the bank post demonetisation as against the average 5,000 of such accounts usually opened in the full year while 62 of these were opened using one mobile number.”
It was detected, they said, that there were blatant discrepancies in the pay-in slips filled to make the deposits as none of them had PAN numbers quoted, many had no signatures of the depositor even as none had any documents to reflect the source of these amounts.
I-T dept detects Rs 4,807 cr black income; seizes Rs 112cr new notes
Over Rs 4,807 crore of undisclosed income has been detected while Rs 112 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money
hoarders post demonetisation.
Official sources said the taxman carried out a total of 1,138 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8 last year, even as the department has issued 5,184 notices to various entities on charges of tax evasion and hawala-like dealings.
The department, they said, has seized cash and jewellery worth over Rs 609.39 crore during the same period even as the new currency seized (majorly Rs 2000 notes) is valued at about Rs 112.8 crore.
The value of the seized jewellery in this is Rs 97.8 crore.
“The total undisclosed income admitted or detected as part of this action, till January 5, is Rs 4,807.45 crore,” they said.
The agency has also referred a total of 526 cases to its sister agencies like the CBI and the Enforcement
Directorate (ED) to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.