Post demonetisation period has been a big gauging period for the IT department. As per their investigations, the department have figured out that the most privileged section of demonetisation era, the cooperative banks, which were allowed to get the old denomination notes, have played a big financial game in money laundering. A huge number of banks have been utilizing the post-demonetisation period and manipulating the unaccounted money.
It has been suggested from the findings that the department was running in the absence of necessary regulatory oversight on them throughout the country. Thus, the recent findings suggest a very strong regulatory framework.
As per the statement of an official, a cooperative bank in Daryaganj area of new Delhi was probed by the I-T department. This was conducted under the shades of inside information received about the money laundering issues.
As per the reports, this was a result of a conspiracy by some senior officials of bank as well as directors who were involved in opening over 1,200 benami accounts which hold the sum of Rs. 120 crore as unaccounted cash. Almost, Rs. 3.2 crore have been exchanged in old currencies with the fresh currencies within few weeks of demonetisation period crinkling all RBI regulations.
In an another investigation conducted by the Enforcement Directorate it was found out that a sum of Rs. 1400 crore have been deposited in a district cooperative bank based in Mumbai.
Again, the new accounts opened in these cooperative banks are “benami accounts” and the beneficiaries are taking advantage of entry operators to “legalise” the tag of black money.
Now, in 1156 surveys , seizures and searches, a sum of Rs. 5343 crore have been unearthed from the department. Now, the department is in constant strive of catching the culprits by constantly scrutinizing all the bank deposits. They are paying special heed on parted deposits like within the circumference of Rs. 2.5 lakh.