I-T dept unearths Rs 1,000-cr scam at credit societies

Sleuths search 24 societies where large sums were deposited during note ban

Shrimi Choudhary  |  Mumbai 

The income-tax (I-T) department has unearthed a scam involving officials and members of cooperative credit societies who deposited large amounts of cash in banks during demonetisation. Initial estimates by the agency has pegged tax evasion of Rs 1,000 crore in November and December of 2016.  Several credit societies’ bank accounts saw a sudden surge of cash deposits, which raised a red flag in the system, said an I-T official. The scam surfaced during the scanning of databases received from scheduled commercial banks, which had on January 31 filed statements of ...

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