I-T to conduct probe into Nashik bank’s deposits

Representational Pic

MT Bureau

Nashik: The I-T department has collected the documents and is verifying the sources of income of the account holders who deposited cash exceeding Rs 2.5 lakh in Vishwas Co-operative Bank. The verification is expected to be completed in the next few days.

The I-T department is conducting a probe into the deposits of over Rs 2.5 lakh in the form of scrapped currency notes at the Vishwas Co-operative Bank. The bank recorded total deposits of Rs 50 crore in 10 days after the demonetisation of big currencies.

A day after the demonetisation, there had been a rush at some jewellery shops and at co-operative banks, bringing them under under the scanner of the I-T department.

“We are verifying how many account holders have deposited over Rs 2.5 lakh and what their source of income is. We are looking at the KYC of the account holders and finding out if there are suspicious banks accounts,“ sources at the I-T department told es at the I-T department told Media.

When contacted, a senior official of the bank, said, “The I-T department wanted information about deposits made in the banks after demonetisation and it was a routine process and not an inquiry . They wanted information about big deposits made in banks after November 8 and we provided them with that.“

He said that after demonetisation till date, we got deposits worth Rs 31 crore so far, of which 80 percent is below the amounts of Rs 50,000.