Daijiworld Media Network - Mangaluru (JD)

Mangaluru, Dec 27: In the wake of allegations of accumulation of huge amount of unaccounted wealth and conversion of black money into white through suspicious means, officials of the income-tax department on Tuesday December 27 searched the SCDCC Bank head office.

Sources said that the officials inspected records and documents at the Bank.

While the search was going on, customers who visted the Bank were sent back.

It is said that the inspection that started at around noon went on till evening.

It is not yet known if the officials found any evidence of suspicious activity. Details of the search are yet to be revealed.

As per information, enforcement directorate officials were also among the team which conducted inspection of South Canara District Central Cooperative Bank. The team also had some computer experts, it is learnt. Senior officials in income tax department confirmed that the raid was in connection with accumulation of Rs 386 crore in the bank within five days since demonetisation was brought into force on November 8.

The inspection covered information fed in the computers. Technical department of the bank was also subjected to thorough examination. A team of enforcement directorate had arrived at the bank on Monday too to check the files. President of the bank, M N Rajendra Kumar, was present during the visit by this team. However, Kumar was not present the next day, as he was away at Bengaluru attending a private function, it is gathered. Rajendra Kumar has asserted that the bank received this money from various cooperative banks, and that the bank has maintained proper books of accounts for all the transactions.

Meanwhile, in a press meet convened earlier in the day, former managing director of the Bank K Annayya Sherigar, who is now the president of SCDCC Bank retired employees' union, came in strong support of the Bank and dismissed the allegations as an attempt to tarnish the Bank's image.