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IT Officials Raid on MACO Co-operative Society
Mangaluru: The Income Tax Officials raided the Credit Section and other locations of the MACO Co-operative Society, at Balmatta Junction here on March 2.
Numerous Benami Accounts including Fixed Deposits and Savings Deposits were discovered, with no supporting documents available to establish the identity of the Account Holders.
The move follows the failure of the Society to comply with the Income Tax Offices demands, during the demonetization of 500.00 and 1000.00 Rupee Notes.
It is learnt that cash in excess of 50 Lakhs was deposited into Fixed Deposits and Savings Deposits by unknown sources during this period.
No further information was available at this time.
By Jason Menezes
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