Media reports say the Income Tax department has detected a “willful default” by a Tamil Nadu-based cooperative bank causing losses to the exchequer of several crore rupees.
The IT Dept’s investigation has revealed that the cooperative bank in Pudukkottai district was not providing the details of the interest paid to customers, based on the deposits for the last four years.
Police say the cooperative bank’s refusal to share details might have caused a loss of about Rs 1.5 crore every year.