The Income Tax Department has reportedly initiated action at Uttar Pradesh-based Nagar Cooperative Bank, with a joint team from Lucknow and Gorakhpur examining the bank’s documents and financial records, according to media reports.
The reports suggest that the exercise is being conducted amid suspicions of alleged irregularities in certain transactions. However, the exact nature of the transactions under scrutiny and the reasons behind the Income Tax Department’s action have not been officially disclosed so far.
It also remains unclear whether the department has detected any financial irregularities during the examination or whether any specific account, branch or transaction has been identified for further scrutiny.
Indian Cooperative made efforts to contact the bank’s Secretary/General Manager, Ajai Kumar Singh, seeking the bank’s official response and clarification on the matter. However, the call could not be answered.
