May 22 2017
At least three multistate co-operative credit societies from Maharashtra have come under the scanner of the Income-Tax department. The societies are being investigated for alleged laundering of about Rs 1,390 crore of unaccounted cash in what officials claim is large-scale tax evasion and money laundering by entities and individuals through banking channels in a span of 17 months between November 2014 and April 2016.
According to the sources, Shri Venkatesh allegedly received Rs 770 crore of unaccounted cash deposits while Mangaldeep and Goreshwar Gramin received Rs 500 crore and Rs 120 crore undisclosed cash deposits respectively. The cash deposits were allegedly transferred to beneficiaries through a web of shell companies using Real Time Gross Settlement (RTGS) system, said the sources.