Rs 500 cr deposited in Karnataka co-operative banks in just 6 days after note ban: Report

In a stunning revelation, the income tax department and Enforcement Directorate in their investigations have found that over Rs 500 crore were deposited in select district central co-operative (DCC) banks across Karnataka, between Nov 9 and Nov 14.
Note Ban
India TV Business Desk Bengaluru December 26, 2016 10:59 IST

In a stunning revelation, the income tax department and the Enforcement Directorate in their investigations have found that over Rs 500 crore were deposited in select district central co-operative (DCC) banks across Karnataka, between November 9 and 14.

The IT department and the ED, which launched a crackdown on District Co-operative Central (DCC) banks in Karnataka, reportedly found Rs 162 crore in cash deposits made at Bagalkot DCC Bank alone, ranging between Rs 25 lakh and Rs 2 crore, soon after demonetisation was announced on November 8, a Time of India report said.

This is said to be the highest deposits made among all DCC banks in the state.

Interesting to note here is that management of Bagalkot DCC includes politicians from the Congress and BJP. While former Congress minister Ajaykumar Sarnaik is the chairman of the bank, former ministers in the Siddaramaiah government S R Patil, H Y Meti and BJP's newly elected MLC Hanumanth Nirani are its directors. 

Officials have particularly expressed surprise about the deposits of Rs 162 crore at Bagalkot DCC bank, especially when agriculture is on the brink of collapse, following successive droughts.

However, a senior manager of the cooperative bank denied that there was any fraud.

 

Earlier this month, the district central cooperative (DCC) Banks in Maharashtra collected over Rs 5000 crore in old notes from November 10 to 14.

According to the media reports, deposits totalling over Rs 9,000 crore were made in select district central cooperative banks (DCCBs) across 17 states, including Punja, Kerala and others, between November 10 and 15.

Related Tags: NoteDemonetisation
 
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