**Indore (Madhya Pradesh): Suspicious Financial Transactions of Rs 132 Crore Found in Indore Premier Cooperative Bank Accounts**
The Intelligence and Criminal Investigation (I&CI) Wing of the Income Tax Department conducted a spot verification exercise and uncovered suspicious financial transactions totaling Rs 132 crore across 60 individual accounts of Indore Premier Cooperative Bank (IPC).
According to the provisions of the Income Tax Act, such transactions are required to be reported to the department after deposits are made. However, during the two-day investigation carried out at the bank’s head office in Siyaganj, opposite the Railway Station, it was found that the bank had not shared information on these accounts for the financial years 2021-22 to 2024-25.
The accounts under scrutiny include those held by various societies and individual account holders. The investigation revealed several current accounts with cash deposits exceeding Rs 50 lakh, savings accounts with deposits over Rs 10 lakh, and fixed deposits surpassing Rs 10 lakh.
In total, these transactions amount to approximately Rs 132 crore, which should have been reported to the Income Tax Department through the Statement of Financial Transactions (SFT) filings.
Following the discovery, the bank has acknowledged the oversight and stated that it will take necessary steps to rectify errors in its SFT filing process. The Income Tax Department continues to monitor the situation closely.
https://www.freepressjournal.in/indore/indore-news-about-132-crore-suspicious-transactions-found-in-indore-premier-cooperative-bank
