IT raids at Tumkur: Nearly Rs 50 crore seized from bank
The raid was conducted following a tip-off which stated that the bank had indulged in conversion of demonetised noted on a large scale.
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.