The Income Tax on Wednesday conducted raids at the DCC bank at Tumkur, 50 kilometres away from Bengaluru. The raid was conducted following a tip-off which stated that the bank had indulged in conversion of demonetised noted on a large scale.
IT officials during the raid seized all the cash at the bank apart from relevant documents. A preliminary assessment suggests that cash to the tune of Rs 50 crore may have been seized.
Officials say that all the information received from their sources was positive.
It had been found that the bank had indulged in large scale conversion of demonetised notes.
Investigations are on and officials of the bank will be questioned.
The entire modus operandi is also under the scanner of the agencies. It may be recalled that similar raids had been conducted at Mangaluru and Bagalkot recently.