Mumbai: The Income Tax Department conducted search and seizure operations at the headquarters and branch of an Urban Credit Cooperative Bank in Maharashtra. The Central Board of Direct Taxes (CBDT) on Saturday said that Rs.57.72 crore were restrained during the raids conducted on October 27.
The CBDT revealed that search operations were also conducted at the residences of the chairman and one of the director's of the banks. It also said that severe irregularities came to the surface after the bank data on Core Banking Solutions (CBS) and the statements of key persons were recorded during the raids.
According to a statement issued by the CBDT over 1,200 bank accounts were opened in the branch without PAN.
"More than 1,200 new bank accounts were opened in the said branch without PAN. The investigations have revealed that these bank accounts were opened without following KYC norms and all account opening forms are filled in by the bank staff and they have put their signature/thumb impressions," the CBDT statement reads.
It further stated that several cash deposits each of the same denomination of Rs.1.9 lakh were made totalling Rs53.72 crore.