The Centre on Saturday said that Income Tax (I-T) Department recently carried out ‘search and seizure operations at locations associated with an Urban Credit Cooperative Bank located in Maharashtra.
According to the Ministry of Finance, the operation was carried out on October 27 at the bank’s Headquarter and one of the branches.
Besides, the residence of the bank’s 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 1,200 new bank accounts were opened in the said branch without PAN. The investigations have revealed that these bank accounts were opened without following KYC norms and all account opening forms are filled in by the bank staff and they have put their signature or thumb impressions.”
As per the statement, in all these accounts, multiple cash deposits each of exact denomination of Rs 1.9 lakh, were made totalling to `53.72 crore.