Income Tax department has unearthed one of the largest black money scams post-demonetization after it raided a city-based cooperative society near Banglore in Karnataka. IT officials have identified the organisation as V Credit Cooperative Society founded in 1990.
The bank was allegedly running a chit fund and dubious transactions worth Rs 200 crore with the active involvement of its CEO.
The co-operative society headquartered in Malleshwaram, had “claimed” total membership of about 30,000 and deposits mobilized by it stood at about Rs 200 crore, including those before November 8 last year when the note ban was declared by the government, says PTI.
The raid revealed that substantial cash deposits and loan re-payments were made after demonetisation on November 8, 2016. The department is verifying such deposits. Preliminary investigations indicate that a substantial part of the deposits are from undisclosed sources, reports say.