The Income Tax Department’s Intelligence and Criminal Investigation Wing has detected suspicious transactions worth Rs 132 crore in 60 accounts of Indore Premier Cooperative Bank, reports the Free Press Journal.
During a two-day spot verification at the bank’s Siyaganj head office, officials found that cash deposits above Rs 50 lakh in current accounts and above Rs 10 lakh in savings accounts, along with large fixed deposits, were not reported as required under SFT norms.
The lapses cover financial years 2021–22 to 2024–25. The accounts include those of individuals and societies. The bank has reportedly assured officials it will rectify its reporting processes following the investigation.
