The IT raid shrouded in mystery, inquiry managed
The Buldana Urban cooperative bank is emerging as Asia’s largest centre to hide black money. This bank has advanced loans worth crores of rupees to Union Minister Nitin Gadkari, former Maharashtra CM Ashok Chavan, Union Minister of State Raosaheb Danve, NCP leader and former Maharashtra Minister Eknath Khadse and other bigwigs in violation of rules.
After a raid was conducted by the Income Tax department on October 27, 2021 on Buldana Urban Coop Bank, several irregular matters have come to the fore. Now it’s nearly a month after the IT conducted raids. But the outcome of the raid has not been made public indicating something fishy in the entire drama behind raids.
The clandestine deals of the bank’s directors had come to light during the raid on Buldana urban conducted by the IT in 2009. But no action was taken. Doubts are raised that this raid will also be managed and the matter would be brushed under the carpet.
A ‘miracle’ of 1200 bogus accounts
In the raid on October 27, nearly 1200 bogus accounts were detected. All these accounts were opened in violation of KYC (Know Your Customer) regulations. After verification, IT could identify 700 account holders. But these purported account holders were not aware of the accounts opened in their names.
The employees of Buldana urban had signed the papers and had given thumb impressions while opening these accounts. Rs two lakh each were deposited in these accounts. The deposits worth Rs 34.10 crore were deposited between August 2020 and May 2021. The amount was deposited within seven days of opening the accounts.
According to Sprouts SIT, the IT intentionally suppressed the matter despite knowing that what it unearthed was a tip of an iceberg.
The action taken in October 27, 2021 raid:
The IT freezed Rs 53 crore, unearthed 1200 bogus accounts, the holders of 700 accounts were identified but the documents bore the signatures of the employees. The IT raid was conducted in 2009. But no action was taken against the guilty.
Most of the directors of the Buldana Urban possess the benami property worth crores of rupees. As such it is essential that an inquiry by the Enforcement Directorate is conducted.
Subodh Kakani is the Managing Director. He is stated to be close to former Maharashtra CM Ashok Chavan. Kakani was instrumental in advancing a loan to Chavan’s sugar factory in violation of rules. That is the reason the IT raid was conducted also on his Nanded residence.
The action taken in October 27, 2021 raid:
The IT freezed Rs 53 crore,
unearthed 1200 bogus accounts,
The holders of 700 accounts were identified but the documents bore the signatures of the employees.
The IT raid was conducted in 2009. But no action was taken against the guilty.
