Considering a large number of people are hiding their undisclosed money in banks, IT officials have looked into several high-value transactions (each in excess of Rs 50 lakh) by account holders in 17 co-operative banks in Karnataka, reports Times of India.
Officials said “Most of these banks do not follow norms. They are controlled generally by a close-knit family and have nobody to answer to. They are already under scanner for non-filing of reports, or concealing details while filing reports or other financial irregularities.”
The department had recently revealed about one co-operative bank, which had more than Rs 4,500 crore of undisclosed income. IT official said the letters to the co-operative bank account holders are in addition to the 56,135 letters covering 70,000 transactions that have already been issued.
