I-T raids credit cooperative society in Bengaluru
BENGALURU: The income tax (I-T) department on Friday said it raided a credit cooperative society in Bengaluru between January 24 and January 26 which yielded deposits and loan repayments made by its members after demonetization, which primarily consist of undisclosed in come of people.
While not revealing either the number of deposits or the amount of loan repayment made by the members post-demonetization, the department’s vaguely worded press release said it is still verifying the same. “Preliminary investigation indicates that a substantial part of the deposits are from undisclosed sources,” the release said.
The department referred to the cooperative society entering into a tie-up with nationalized bank which enabled members to do electronic fund transfers and issue bearer cheques.
The result of socialist and commie cooperative movement headed by Congress and followers CPI and CPIMSudhip Kumar Sen
The department claimed that, “…to reap the benefits of being classified as a society under the state registrations act, the or ganization is making depositors as its members for namesake.However, in reality, only banking operations are carried by it. This is being taken up with the regulatory and enforcement agencies.”
It said the society’s chief operating officer (COO) was raided to check whether he and his family were running an unregistered chit fund on their premises.