Residence of SCDCC Bank pres M.N. Rajendra Kumar and others searched by IT

Residence of SCDCC Bank pres M.N. Rajendra Kumar and others searched by IT

Mangalore Today News Network

Mangaluru, Feb 2, 2017: A large contingent of Income Tax Department sleuths conducted search and seizure operations on several cooperative banks and individuals in Dakshina Kannada and Udupi districts, including the residence of South Canara District Central Cooperative Bank president M.N. Rajendra Kumar, on Feb 1,  Wednesday. The team comprised officials of the department from Bengaluru and Goa and the operation started in the morning. The raid is said to be a fallout of last month’s search operations at SCDCC Bank by the IT and Enforcement Directorate.

Sources said that SCDCC Bank had allegedly facilitated transactions without mandatory PAN card submission for amounts ranging up to Rs. 4,000 crore. It was also accused of facilitating opening of deposit accounts without KYC (know your customer) documents ranging to a few thousand crore rupees. The operations were conducted in at least 12 places.

Besides the residence of Rajendra Kumar in Karkala, houses and premises of some of his associates too were searched, the sources said. Similarly, raids were carried out in Puttur and Bellare in Dakshina Kannada district on the premises of Savanur Seetharama Rai, a prominent businessman, who is also an office-bearer in a cooperative bank there, the sources said.

The sources said that though searches were conducted at the SCDCC bank after the demonetisation exercise, the bank was under the scanner of the department for quite some time. The search and seizure operations are expected to continue.