Indore (Madhya Pradesh): The spot verification action of the Intelligence and Criminal Investigation (I&CI) Wing of the Income Tax Department have found the Suspicious Financial Transaction of tune of Rs 132 cr. in 60 individual accounts of Indore Premier Cooperative Bank (IPC).
Under the provisions of the Income Tax Act, this amount was required to be reported to the department after the deposits were made.
The spot verification action of I&CI of the accounts and documents of banks at the bank's head office located in Siyaganj opposite of Railway Station on Wednesday, which ended on Thursday evening.
The two-day investigation revealed that the bank had not shared information on more than 60 accounts with the department for the period from the financial years 2021-22 to 2024-25.
These accounts include several different society and individual account holders. The investigation revealed that cash deposits exceeding Rs 50 lakh were made in several current accounts and cash deposits exceeding Rs 10 lakh were found in savings accounts. Fixed deposits exceeding Rs 10 lakh were also made.
The total amount of all these transactions, combined, amounts to approximately Rs 132 cr., which should have been reported to the Income Tax Department through SFT (Statement of Financial Transaction) filings. It is learned that following the action the bank has also stated that it will take steps to correct the errors in its SFT filing process.
