The income-tax department found Rs 57 lakh during a raid on the chairman of a cooperative bank. I-T officials raided the residence and office premises of Sahebrao Deshmukh Co-op Bank (SDC) chairman Subhash Deshmukh and also found documents related to investments in several properties, officials said.
SDC Bank, established in 1972, has 17 branches in Mumbai and other parts of the state. Deshmukh’s mother Lata, sister Sujata Dhanve, brother-in-law Prakash Jungare are directors in the bank. Deshmukh said it was family income and not related to the bank.