Beyond the property registrars, tax authorities have uncovered unreported deposits amounting to Rs 200 crore held in three cooperative banks, funds not disclosed in mandatory SFT (Statement of Financial Transactions) filings, reports TOI.
Under SFT rules, banks must report cash deposits above Rs 50 lakh in current accounts and Rs 10 lakh in savings accounts. But investigations found that numerous large transactions, some up to Rs 10 crore, were omitted entirely.
The Income Tax Department’s Intelligence & Criminal Investigation wing has started deeper scrutiny of these cooperative banks and the individuals whose names the funds are held in.
