I-T survey against Mahila Co-operative Bank in Indore

Source: The Hitavada      Date: 31 Dec 2016 10:46:26

Staff Reporter,

Income Tax Department has conducted survey against Indore-based Mahila Co-operative Bank on Friday. I-T Department suspected that huge sum has been deposited in this co-operative bank and more than 100 bank accounts were opened in it after demonetisation.
A senior I-T officer told ‘The Hitavada’ that there was specific information that massive sum has been deposited in the Indore based Mahila Co-operative Bank and more than hundred accounts were opened in it. On the basis of this particular information, survey had been conducted against it.
As of now, survey exercise is underway against the aforesaid co-operative bank and incriminating documents are being impounded. In the meantime, survey against close associate of Waswani group, Subhash Bhavnani is underway. Apart from two premises of Bhopal, one establishment of Bhavnani has been covered in Jabalpur and one in Raipur. Bhavnani deals in defense related contracts and is closely associated with Waswani in construction activities.
Tax evasion done by Bhavnani group is said to be in crores of rupees. Notably, almost one week ago, I-T Department had raided the Waswani group led by a local
BJP leader and also covered persons associated with the group. Along with this, Mahanagar Nagrik Sahkarita Bank belong to Waswani group was also covered in the survey. I-T Department doubted that huge sum was deposited in this bank after demonetization and it could be black money. Things are under the investigation in this connection. Real picture will be clear when investigation gets concludes against the group.