I-T dept finds fresh Rs1,300cr unreported cash in coop banks

Nagpur: The income tax dept unearthed another Rs1,300 crore not reported in the mandatory statement of financial transactions (SFT) by two more cooperative banks in the region. The department's Intelligence and Criminal Investigation (I&CI) wing is conducting a series of checks in urban cooperatives across the region.So far, as much as Rs9,000 crore of unreported deposits were found in various banks. The latest action covered the Yavatmal District Central Cooperative Bank (YDCCB) and the Kanyaka Nagari Sahakari Bank at Chandrapur.Sources said as much as Rs1,000 crore was found in YDCCB, with over Rs300 crore in Kanyaka Bank. The coop banks have to submit the SFT with the dept containing details of cash deposits of Rs10 lakh and above. A number of agencies, such as banks, property sub-registrar offices (SRO), mutual funds, and companies, had to report certain categories of transactions under SFT.Prior to the banks, the I-T dept carried out a series of checks on the property SROs and found large gaps too.