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of <h1>Income Tax Raid Reveals Irregularities at Maharashtra Bank: 1,200 Fake Accounts, Rs. 53.72 Crore in Cash Deposits.</h1> The Income Tax Department conducted search and seizure operations at an Urban Credit Cooperative Bank in Maharashtra, uncovering significant irregularities. Over 1,200 bank accounts were opened without PAN and KYC compliance, with bank staff filling out forms and signing on behalf of account holders. These accounts received structured cash deposits totaling Rs. 53.72 crore, primarily between August 2020 and May 2021, to avoid PAN requirements. Many account holders were unaware of these transactions. The bank's chairman and manager admitted the deposits were directed by a director involved in grain trading. The entire amount has been restrained, and investigations continue.
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