Cooperative Societies are being used for money laundering for a long time under the veneer of credit financing
[h=1]I-T unearths black money deals worth Rs 200 crore in Bengaluru[/h]January 27, 2017 20:41
The Income Tax department has claimed to have unearthed one of the largest black money scams post-demonetisation after it raided a city-based cooperative society and found it to be allegedly running a chit fund and dubious transactions operation worth Rs 200 crore with the active involvement of its CEO.
The taxman, at the end of search operations at five branches of the credit co-operative society reported the alleged irregularities to the RBI, the Enforcement Directorate, the CBI and state government authorities for further action.
The co-operative society headquartered in Malleshwaram, as per a report prepared by the I-T department, had a "claimed" total membership of about 30,000 and deposits mobilised by it stood at about Rs 200 crore, including those before November 8 last year when the note ban was declared by the government.
http://news.rediff.com/commentary/2...in-bengaluru/97ff4324411690d0fd90f857e218899c
[h=1]I-T unearths black money deals worth Rs 200 crore in Bengaluru[/h]January 27, 2017 20:41
The Income Tax department has claimed to have unearthed one of the largest black money scams post-demonetisation after it raided a city-based cooperative society and found it to be allegedly running a chit fund and dubious transactions operation worth Rs 200 crore with the active involvement of its CEO.
The taxman, at the end of search operations at five branches of the credit co-operative society reported the alleged irregularities to the RBI, the Enforcement Directorate, the CBI and state government authorities for further action.
The co-operative society headquartered in Malleshwaram, as per a report prepared by the I-T department, had a "claimed" total membership of about 30,000 and deposits mobilised by it stood at about Rs 200 crore, including those before November 8 last year when the note ban was declared by the government.
http://news.rediff.com/commentary/2...in-bengaluru/97ff4324411690d0fd90f857e218899c
