Investments under dead persons’ name, I-T dept seizes Rs 110 crore via raids in Malappuram cooperative bank

​​​​​MALAPPURAM: The income tax department has conducted raids on A R Nagar service cooperative bank in Malappuram. The raids have been initiated after finding an illegal amount of money worth Rs 110 crore. The district collector has asked the bank authorities to give him the details of transactions involving Rs 10 lakh and more. The collector’s direction comes in the wake of the elections.

Even though the bank has given the details, soon complaints emerged that the details are bogus and not up to date. The I-T department raided the bank following these complaints. In the last 10 years, transactions worth Rs 1,000 crore have taken place in the bank. The bank even has investments of dead individuals.