Suspicious transactions in N-E banks detected

Guwahati: Amidst the report of massive inflow of cash in Arunachal Pradesh, the income tax department claimed to have detected hundreds of suspicious transactions in banks, including rural and cooperative banks, in the past few days in the Northeast.

Stating that investigation has been launched into some 200 cases so far, the principal director of income tax (investigation) Sanjay Bahadur told reporters, “The initial sample data received for a few days preceding March 31 has confirmed the apprehension of our investigating officers that banks are being possibly used as safe conduits to hide and move suspicious cash. An investigation has been initiated in about 200 cases so far.”

The data so far procured is limited to about only ten days of transactions supplied by just five major banks of the region.

“Even from this small sample, hundreds of suspicious cash deposits and withdrawals in banks for amounts more than Rs10 lakh have been discovered and are under the scanner,” said Mr Bahadur.

By collating and triangulating internal intelligence reports, the modus operandi seems to be that cash is deposited in banks and may move undetected through banking channels or may stay dormant till required. At the appropriate moment, cash is withdrawn in instalments and it evaporates in the system,” he said.

He said the matter is of grave concern and the investigation directorate is gearing up for a massive investigation in days to come as data from over 100 banks across the region is expected to be received.

Income tax officials admitted that suspicious transactions preceding the announcement of elections have gone below the radar of the routine process of election expenditure monitoring.