The ED is examining some high-value transactions in a dozen cooperative banks in Mumbai and Allahabad where large-scale illegal transactions have taken place through deposits and opening new accounts after demonetization, reports Press Trust of India.
After the audit of a private bank branch in Mumbai, the ED sleuths found that an amount of Rs 1,596 crore was deposited by at least 13 cooperative banks using the old notes within six days time. A cooperative bank in Surat deposited Rs 20 crore in scrapped currency in an account with a public sector bank.
In a startling case related to a co-operative bank in Mumbai, the ED is probing “unexplained difference” of Rs 196 crore after the cash books were scrutinized for transactions post November 8.
A source is quoted saying the ED is also probing a clutch of two dozen District Central Cooperative Banks in four states for alleged irregularities in their operations.
Income Tax officials said they conducted survey operations at Gandhinagar District Cooperative Bank in which 45 suspicious accounts were unearthed, reports Times of India.
Nearly 45 suspected accounts were found from the Cooperative Bank. Quantification of the suspected transactions is being done at present, said IT officials.