Demonetisation: Jamia Co-operative bank under I-T scanner over suspicious activity

New Delhi: Weeks after the Narendra Modi government banned use of old Rs 500 and Rs 1,000 notes, many unscrupulous activities in the banking sector have come to the fore.

Fresh in the case is that of the Jamia Co-operative bank that has come under the Income Tax Department lense, as per a report in CNN News18.

The account books of Jamia Co-operative bank is being verified by the I-T department.

The TV report said that the matter came to fore when it was reported that Rs 125 crore were deposited while Rs 20 crore were withdrawn from the bank post demonetisation.

Further details are awaited.

In the aftermath of demonetization, the Enforcement Directorate is conducting inquiries on the records of atleast 50 bank branches across lenders in the country to check money laundering and hawala dealings.

There are suspicions that certain bank managers and employees have been helping hoarders of undisclosed income convert their black money into white.

The ED has already arrested two managers of Axis Bank in New Delhi and 19 others were suspended by the bank for allegedly being involved in illegal activity after demonetization.