Malappuram coop bank gets Rs.266-cr deposits in 5 days
Deposits worth Rs.50 lakh to Rs.5 crore were made, apart from personal deposits, without following KYC norms
The Central Bureau of Investigation (CBI) during raids carried out on Wednesday found that a majority of deposits worth Rs.266 crore made from November 10 to 14 in the main branch of the district co-operative bank in Malappuram, Kerala, were made without any proper documentation.
Following a directive from the Union Ministry of Finance, joint teams of the Enforcement Directorate (ED) and the CBI are carrying out raids at several branches of the district cooperative banks and service cooperative banks across Kerala - Kozhikode, Malappuram, Kannur, Kollam and Thrissur districts.
The objective of the exercise is to check the deposits after the Centre’s demonetisation move.
There are 120 co-operatives under the Malappuram district co-operative bank. Deposits worth Rs.50 lakh to Rs.5 crore were made, apart from personal deposits, without following KYC norms.
The CBI authorities said more investigation is required to find the source of income of those who deposited the money and to find out who made the deposits.
The bank authorities reportedly gave the explanation that there was Rs.100 crore in the bank on November 3 and only deposits worth Rs.160 crore were made in the dates mentioned by the CBI. The bank also said that it had presented the documents asked by the CBI. A 10-member CBI team from Kochi conducted the raid which continued till 10 pm.
Officials said the raids had been carried out on the basis of specific inputs that some of these banks had received demonetised notes in spite of the RBI stipulations against accepting the currency during the demonetisation drive.
Huge amounts were deposited in several accounts since November 8 when the demonetisation of Rs.500 and Rs.1,000 notes began. All these suspicious accounts and transactions were being verified.
The raids would continue in the coming days.