BENGALURU: The income tax (I-T) division on Friday mentioned it raided a credit cooperative society in Bengaluru between January 24 and January 26 which yielded deposits and mortgage repayments made by its members after demonetization, which primarily encompass undisclosed in come of individuals.
While not revealing both the variety of deposits or the quantity of mortgage reimbursement made by the members post-demonetization, the division’s vaguely worded press launch mentioned it’s nonetheless verifying the identical. “Preliminary investigation signifies {that a} substantial a part of the deposits are from undisclosed sources,“ the discharge mentioned.
The division referred to the cooperative society getting into right into a tie-up with nationalized financial institution which enabled members to do digital fund transfers and concern bearer cheques.
The division claimed that, “…to reap the advantages of being categorized as a society below the state registrations act, the or ganization is making depositors as its members for namesake.However, in actuality, solely banking operations are carried by it. This is being taken up with the regulatory and enforcement companies.“
It mentioned the society’s chief working officer (COO) was raided to verify whether or not he and his household have been operating an unregistered chit fund on their premises.
While not revealing both the variety of deposits or the quantity of mortgage reimbursement made by the members post-demonetization, the division’s vaguely worded press launch mentioned it’s nonetheless verifying the identical. “Preliminary investigation signifies {that a} substantial a part of the deposits are from undisclosed sources,“ the discharge mentioned.
The division referred to the cooperative society getting into right into a tie-up with nationalized financial institution which enabled members to do digital fund transfers and concern bearer cheques.
The division claimed that, “…to reap the advantages of being categorized as a society below the state registrations act, the or ganization is making depositors as its members for namesake.However, in actuality, solely banking operations are carried by it. This is being taken up with the regulatory and enforcement companies.“
It mentioned the society’s chief working officer (COO) was raided to verify whether or not he and his household have been operating an unregistered chit fund on their premises.
