Mangaluru, Dec 27: Officials from the Enforcement Directorate and Investigation wing of the I-T Department began an investigation into the alleged money laundering by the South Canara District Central Cooperative Bank at its head office in Mangaluru on Tuesday.
The development comes following allegations that the bank received huge deposits after high value currencies were demonetized on November 8.
The officials, who visited the office in the noon, stayed there till evening checking records and documents about the alleged suspicious deposits.
The officials asked the bank to stop transactions for over two hours to examine the computer system. The head office of SCDCC Bank was out of bounds for the public for more than four hours.
SCDCC Bank Chairman MN Rajendra Kumar said the I-T officials visited the bank to enquire about the alleged huge deposits made after the announcement of demonetization.
Kumar said Rs 386 crore was received by the bank as deposits between November 11 and 16 and it was collected from 1,166 cooperative societies in DK and Udupi districts.
The bank has not involved in any kind of illegal operation particularly in converting black money into white, he added.
As soon as the IT officials entered the bank premises the main gate and doors were shut preventing entry of public.
Comments
Visited the bank!Not raided!
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