Surat: IT Sleuths at 2 Co Operative banks & a sugar mill

SURAT: The income tax (I-T) department officials started a survey operation on two cooperative banks in the city and a sugar mill in Kamrej following suspected large-scale irregularities in deposits of scrapped currencies by them post-demonetization.

The I-T sleuths swooped down on Prime Cooperative Bankand Varachha Cooperative Bank here on Monday, sources said. Prime Cooperative Bank had received Rs485 crore worth of deposits from its bank customers and Varachha Cooperative Bank Rs1,400 crore worth of deposits in old currency notes, sources said.

 On the other hand, Kamrej Sugar Mill office-bearers were accused of showing Rs3 crore worth of cash in old currency as deposit in the mill’s account. The office-bearers had allegedly shown entry of Rs3 crore deposit in the date prior to November 8, 2016 when demonetization was announced.

The I-T department officials swooped down on Kamrej Sugar Mill and seized its account books and other documents relating to 23,500 of its farmer members, the sources added.

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