Entity linked to former CM of Maharashtra Ashok Chavan under computer scanner

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A sugar factory and an entity linked to the former chief minister of Maharashtra, Ashok Chavan, who is currently the cabinet minister for the state’s disabled people, is under the control of the income tax department (IT ).

IT last month asked officials of a cooperative bank in Buldhana, Maharashtra, about irregularities in loans to a sugar mill linked to former Maharashtra CM Ashok Chavan. (File photo)

The Income Tax Service raided the headquarters of an urban credit cooperative bank in Buldhana district of Maharashtra and discovered “flagrant irregularities” in the opening of accounts.

The IT department also searched the home of the president and one of the bank’s directors on October 27.

The Income Tax Department is investigating suspicious accounts allegedly linked to a sugar refinery and an entity linked to former Maharashtra Chief Minister Ashok Chavan, who is currently the Cabinet Minister for Persons with Disabilities in the state.

The analysis of banking data on Core Banking Solutions (CBS) and the statements of key persons recorded during the research action revealed flagrant irregularities in the opening of bank accounts. More than 1,200 new bank accounts have been opened at said branch without a permanent account number (PAN), the IT department said.

Investigations revealed that these bank accounts were opened without following KYC standards and that all account opening forms are completed by bank staff and that they have affixed their signature or fingerprints.

In these accounts, several cash deposits each of an exact denomination of Rs 1.9 lakh were made for a total of Rs 53.72 crore. Of these, over 700 bank accounts have been identified which have been opened in series where cash deposits of over Rs. 34.10 crore were made immediately within 7 days of opening the bank accounts, mainly during the period from August 2020 to May 2021.

These deposits have been structured to avoid the mandatory PAN requirements for cash deposits above Rs. 2 lakh. The money was then converted into term deposits at the same branch.

IT managers learned through local investigations in a few cases that these account holders demonstrated that these people were unaware of the cash deposits in the bank and categorically denied any knowledge of these bank accounts or even term deposits.

IT managers said the president, CMD and branch manager could not explain the source of the cash deposits and agreed that these were made at the request of one of the bank managers, who is a prominent local businessman engaged in commerce. of cereals.

Sources said that based on the evidence gathered and statements recorded, the total amount of Rs 53.72 crore was withheld.

READ ALSO | IT department questions bank officials on loans granted to sugar refinery linked to ex-Maha CM Ashok Chavan

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