IT officials conducted search and seizure operations on cooperative banks and individuals connected with them in Dakshina Kannada and Udupi districts of Karnataka, reports Hindu.
The raids are a fallout of last month’s search operations at SCDCC Bank by the IT and Enforcement Directorate.
Sources said SCDCC Bank had allegedly facilitated transactions without mandatory PAN card submission for amounts ranging up to Rs. 4,000 crore.
It was also accused of facilitating opening of deposit accounts without KYC (know your customer) documents ranging to a few thousand crore rupees. The operations were conducted in at least 12 places.