IT dept is likely to send notices to around 150 account holders of Surat District Co-operative Bank for their huge deposits of cash in their accounts post demonetization and later transferring their money to other accounts through cheques and RTGS, reports Indian Express.
Post demonetization, RBI had barred co-operative banks from accepting old notes of Rs 500 and Rs 1,000.
Sources say Surat co-operative bank received old notes to the tune of Rs 350 crore during the first three days after the announcement.
I-T men had carried out checking of around 1,400 bank accounts and found suspected transactions through 150 accounts.
A source is quoted claiming if the account holders fail to give satisfactory explanation, action would be taken against them.