The Income Tax Department's ongoing crackdown on financial irregularities in Maharashtra's Vidarbha region has yielded another massive discovery. Officials have unearthed approximately Rs 1,300 crore that was not reported in mandatory statements by two more cooperative banks.
Widespread Checks Reveal Systemic Gaps
The department's Intelligence and Criminal Investigation (I&CI) wing is conducting a sweeping series of inspections across urban cooperative banks in the region. This latest probe brings the total volume of unreported deposits discovered so far to a staggering Rs 9,000 crore across various banks.
The recent action focused on two specific institutions: the Yavatmal District Central Cooperative Bank (YDCCB) and the Kanyaka Nagari Sahakari Bank located in Chandrapur. According to sources familiar with the investigation, the scale of non-compliance was significant.
Breakdown of the Latest Findings
Investigators found that the Yavatmal District Central Cooperative Bank alone had failed to report deposits worth around Rs 1,000 crore. Simultaneously, the Kanyaka Nagari Sahakari Bank was found to have undisclosed transactions exceeding Rs 300 crore.
These banks are legally obligated to submit a Statement of Financial Transactions (SFT) to the tax authorities. The SFT must contain detailed information on all cash deposits of Rs 10 lakh and above. The reporting mandate under SFT rules extends to a wide range of entities including:
- Banks and financial institutions
- Property sub-registrar offices (SROs)
- Mutual fund companies
- Other specified corporate entities
A Pattern of Non-Compliance Emerges
This is not an isolated incident. The discovery follows similar checks conducted by the I-T department on property Sub-Registrar Offices (SROs), which also revealed substantial gaps in reporting. The consecutive findings point towards a broader pattern of lapses in the mandatory disclosure ecosystem designed to curb black money and tax evasion.
The relentless drive by the I&CI wing underscores the government's intensified focus on tightening the net around unreported financial transactions. The accumulation of Rs 9,000 crore in undisclosed funds from just one region highlights the potential magnitude of the issue and signals more stringent actions to come.
