Bengaluru, Nov 24: Did some cooperative societies in Kerala collect old currency and show it as a deposit done before November 8, the day demonetisation of the Rs 500 and 1,000 notes were announced? With complaints soaring the Income Tax Department in Kerala has launched a probe to find out if there were any wrong-doings by the the cooperative banks in in the state.
The IT department in Kerala is looking at the deposits made into cooperative banks with the old currency. The IT is looking at how these banks accepted the demonetised notes.
Further the department officials are also checking if the cooperative banks accepted the notes and back dated the transactions.
The question now is whether big politicians had used cooperative banks to deposit their old currency. Several leaders in Kerala had raised objection to the manner in which the RBI had formed guidelines with regard to cooperative banks.
In fact the cooperatives minister, Moitheen A C had said that it was unfortunate that cooperative banks had been kept out of transactions with old currency.
A scam in the making?
What the IT department is now probing is if large chunks of old currency had reached cooperative banks in Kerala. It is suspected that bigwigs and politicians could have offloaded chunks of money in other people's names into these cooperative banks.
An official said that they are collecting documents in this regard. There are certain transactions that are under the scanner. It has come to our notice that some transactions made recently have been deliberately back dated to before November 8, the date the announcement on demonetisation was made.
"We suspect that this was made to off load a huge chunk of black money which would not have been possible in other banks which have been permitted to deal with demonetised noted," the officer further noted.