Huge discrepancies detected during survey on Co-op Bank of Rajkot Ltd: IT sources

'Jugaad' is a term used and ubiquitously implemented all around our country. On November 8, when Prime Minister Narendra Modi announced his unprecedented attack on black money and demonetized Rs 500 and Rs 1000 notes, many in an attempt to jugaad, frantically sort to convert their unaccounted income to gold while others chose to deposit them in Jan Dhan accounts. 

On Saturday, Income Tax Sources stated that huge discrepancies have been detected by an Ahmedabad Investigation unit of the IT Dept during a survey conducted on Co-op Bank of Rajkot Ltd. 

In a 10-point note, IT sources stated that various dormant bank accounts have been identified in which large cash deposits were made totalling a whopping 10 crore. It further noted that large sum of cash deposits have been made in newly opened accounts which all have a common address or phone number. For example-- 9.62 accounts have been opened in a single branch with a common mobile number. The list also noted how demonetization saw a surden surge in accounts, a total of 4551 in comparison to the average 5000 opened in an entire year. 

Here is a list of the 10-point note: 

Huge discrepancies detected by Ahmedabad Investigation unit of IT Dept during a survey conducted on Co-op Bank of Rajkot Ltd: IT Sources pic.twitter.com/hFweXcCaeu

— ANI (@ANI_news) January 7, 2017