IT dept has begun inquiring into three multistate co-operative credit societies from Maharashtra, reports Indian Express.
The societies are being investigated for alleged laundering of about Rs 1,390 crore of unaccounted cash in what officials claim is large-scale tax evasion and money laundering by entities and individuals through banking channels.
The societies under investigation are Ahmednagar-based Shri Venkatesh Multistate Co-operative Credit Society, Mangaldeep Multistate Urban Co-operative Credit Society and Goreshwar Gramin Multistate Co-operative Credit Society.
Sources say the three societies received cash deposits of Rs 1 crore to Rs 5 crore a day. These deposits were split into smaller amounts and transferred to the beneficiaries. The three societies allegedly executed over 4,000 RTGS transactions in 17 months.
