I-T unearths Rs 871 crore scam in Rajkot bank

January 9, 2017

New Delhi, Jan 9: The income tax (I-T) department has detected huge alleged discrepancies in the transactions of a Rajkotbased cooperative bank where Rs 871 crore deposits were made, over 4,500 new accounts opened and more than five dozen accounts having same mobile number initiated, making it one of the biggest cases of black fund generation post November 8.

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The department's Ahmedabad probe wing has now initiated action under tax laws and has sought full details from the bank after it conducted survey operations against it sometime back and found large irregularities.

Officials said the department's investigation till now has found that cash deposits of Rs 871 crore, majorly using the old notes of Rs 500 and Rs 1000, was made in this bank between November 9-December 30 last year while Rs 108 crore was withdrawn during the same period in a highly suspicious manner not commensurate with the bank's activities during the same period in 2015 or at other times.

The sleuths have identified at least 25 high value cash deposits post demonetization where Rs 30 crore monies have been transacted in an alleged suspicious and unsatisfactory manner and in accounts with purported weak KYC norms in place. An I-T analysis report prepared in this regard states that Rs 10 crore funds were deposited in a number of "dormant" accounts post the currency scrap, including in that of a petroleum firm where Rs 2.53 crore was deposited.

What has startled the taxman has been the fact that a total of "4,551 new accounts were opened in the bank post demonetization as against the average 5,000 of such accounts usually opened in the full year while 62 of these were opened using one mobile number." It was detected, they said, that there were blatant discrepancies in the pay-in slips filled to make the deposits as none of them had PAN numbers quoted, many had no signatures of the depositor even as none had any documents to reflect the source of these amounts.

"It was found that the son of bank's ex-director has received Rs 1 crore through cash deposits in 30 bank accounts. All the pay-in slips were filled by the same person. "Also, the mother of the vice-chairman of the bank has received 64 lakh of cash deposits which have ultimately been transferred to a jeweller," the report alleged and added the funds moved through RTGS and other banking transfer channels.

Comments

Skazi
 - 
Monday, 9 Jan 2017

Shaji, even the role of notorious BJP leaders can not be ruled out ....

Let the justice prevail, and INDIA be CLEAN ....

shaji
 - 
Monday, 9 Jan 2017

I hope investigation will lead to involvement of anti social, anti national and terrorist organisation in this huge currency deal.

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coastaldigest.com news network
December 20,2025

Mangaluru, Dec 20: City Police Commissioner Sudheer Kumar Reddy has issued a high-alert warning to vehicle owners regarding a surge in cyber fraud targeting those looking to pay traffic violation fines. Fraudsters are reportedly exploiting recent government discount schemes on traffic penalties to deceive citizens.

The Scam: How Fraudsters Strike

Criminals are using SMS, WhatsApp, and social media to circulate suspicious links and APK files (Android application packages). They claim these apps allow users to pay e-challans at a discount.

•    Device Hacking: Downloading these unauthorized apps gives hackers full access to the victim's smartphone.

•    Financial Theft: Once the phone is compromised, fraudsters intercept OTPs and personal data to drain bank accounts.

•    Phishing Sites: Fake websites mimicking official portals are also being used to harvest banking credentials.

Already, two residents within Mangaluru city limits have reported significant financial losses after falling victim to these fraudulent apps.

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News Network
December 17,2025

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Melkar, Dec 17: The 17th Annual Day and Graduation Ceremony of Melkar Women’s PU and Degree College, themed “Fusion-2K25,” was celebrated with dignity and enthusiasm, marking a significant milestone in the institution’s academic journey. The programme reflected the college’s steadfast commitment to academic excellence, character building, and the holistic development of students.

The event was inaugurated by Mr. Asif Mohammed, whose presence greatly enriched the occasion. The celebration was further graced by the chief guests Mr. P. B. Ahmed Mudassir and Mr. Nissar Fakeer Mohammed, along with the distinguished guests of honour Mr. B. A. Nazeer and Mr. Ibrahim Gadiyar. In their inspiring addresses, the guests encouraged the graduating students and appreciated the dedicated efforts of the management, faculty, and students.

The annual report was presented by the Principal, Mr. Abdul Majeed S, highlighting the institution’s academic progress, notable achievements, and extracurricular accomplishments during the academic year.

The presidential address was delivered by the esteemed Chairman of Melkar Women’s PU and Degree College, Dr. Haji S. M. Rasheed, who emphasized the vital role of education in empowering women and shaping responsible citizens. He also stressed the importance of discipline, dedication, and perseverance in achieving success.

Cultural programmes and academic recognitions formed an integral part of the celebration, showcasing the talents and achievements of the students. The graduation ceremony was a proud moment for the outgoing students as they were formally conferred degrees and wished success in their future endeavours.

Ms. Mashmooma Fathima served as the Master of Ceremonies. The welcome address was delivered by Ms. Fathima Nida, and the programme concluded with a vote of thanks proposed by Ms. Ayisha Suhana.

The event successfully achieved its objectives and was highly appreciated by the guests and attendees.

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News Network
December 19,2025

Mangaluru: Public transport in Mangaluru is set for a state-led transformation as the government moves to deploy 100 new electric govt buses to replace unreliable private services. The initiative aims to provide a dependable alternative to private operators who have been frequently "cutting trips," leaving thousands of commuters stranded.

The announcement was made by Deputy Commissioner and MCC Administrator Darshan HV during a public phone-in session. The move specifically targets routes where private bus service has become erratic, ensuring that citizens no longer have to rely on a fluctuating private sector for their daily commute.

Restoring the Govt Presence

The transport crisis was brought to the forefront by Ramayya, a resident of Bajal, who highlighted a growing trend of private buses skipping morning and night trips. With the previous KSRTC (govt) services discontinued, residents have been left without a fallback option.

To fix this, the DC confirmed that the PM-eBus Sewa Scheme will bring 100 government-owned electric buses to the city:

•    Phased Deployment: The first 50 of the new 100 government buses are scheduled to arrive by March 2026.

•    State Infrastructure: Two new government depots, including one at Mudipu, are being prepared for operations.

•    Recruitment: The state has already begun training a new batch of government bus drivers to ensure the fleet is operational the moment it arrives.

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