After targeting Vidarbha Sub-Registrar Offices (SROs), the Income Tax Department’s Intelligence and Criminal Investigation Wing (ICIW) has reportedly raided three cooperative banks-two in Nagpur and one in Buldhana-reportedly uncovering around Rs 1,500 crore in allegedly underreported transactions over five years, reports The Hitavada.
Officials reportedly found selective omissions in digital Statement of Financial Transactions (SFT) filings, allegedly aiding black money holders. Comparative audits reportedly revealed thousands of crores of property deals that were partially or wholly unreported.
Khamla SRO alone is said to have shown undeclared transactions worth Rs 3,000 crore. Investigators are reportedly examining the role of senior cooperative bank officials and leveraging digital analytics to trace funds, plug reporting gaps, and recommend financial penalties or disciplinary action for officers found facilitating such systematic underreporting.