BENGALURU: The Income Tax department has claimed to have unearthed one of the largest black money scams post-demonetisation after it raided a city-based cooperative society and found it to be allegedly running a chit fund and dubious transactions operation worth Rs 200 crore with the active involvement of its CEO.
The taxman, at the end of search operations at five branches of the credit co-operative society here yesterday, reported the alleged irregularities to the RBI, the Enforcement Directorate, the CBI and State Government authorities for further action.
The co-operative society headquartered in Malleshwaram, as per a report prepared by the I-T department, had a “claimed” total membership of about 30,000 and deposits mobilised by it stood at about Rs 200 crore, including those before November 8 last year when the note ban was declared by the Government.
“Further, during search proceedings, it was noticed that substantial cash deposits and loan re-payments were made after demonetisation on November 8, 2016. The department is verifying such deposits. Preliminary investigations indicate that a substantial part of the deposits are from undisclosed sources,” it said. (AGENCIES)