 "Illustration: Binay Sinha")
The Income Tax department has detected alleged irregularities worth Rs 120 crore in conversion of old scrapped notes by a co-operative bank here.
The I-T department conducted multiple searches in the bank and also in the residential premises of its executives and after about five days of operations, it detected that a number of RBI guidelines were flouted leading to illegal conversion and exchange of scrapped notes.
It was also found that the bank, post demonetisation, opened a number of new accounts to allegedly facilitate huge deposits using weak Know Your Customer (KYC) documents.
Officials said the department has seized a number of records from the bank and has summoned a number of bank executives for questioning.
