https://www.taxtmi.com/news?id=24811 Search and seizure operations on four Bangalore Credit Cooperative Societies revealed exploitation of relaxed KYC norms, accounts without PAN, promoters diverting member deposits to controlled entities, identification and restraint of numerous benami accounts, and undisclosed immovable property investments linked to promoters and associates. Investigators uncovered tax evasion and money laundering mechanisms such as cash deposits returned to book bogus expenses, laundering via RTGS, issuance of fake fixed deposit certificates used as collateral, provision of unapproved high interest loans to non members, and secret web based books showing suppressed sales; significant unaccounted cash was seized and further investigations continue. en-us Tue, 14 Dec 2021 17:02:57 +0530 Tue, 14 Dec 2021 17:02:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=24811 Search and seizure operations on four Bangalore Credit Cooperative Societies revealed exploitation of relaxed KYC norms, accounts without PAN, promoters diverting member deposits to controlled entities, identification and restraint of numerous benami accounts, and undisclosed immovable property investments linked to promoters and associates. Investigators uncovered tax evasion and money laundering mechanisms such as cash deposits returned to book bogus expenses, laundering via RTGS, issuance of fake fixed deposit certificates used as collateral, provision of unapproved high interest loans to non members, and secret web based books showing suppressed sales; significant unaccounted cash was seized and further investigations continue. News - Tue, 14 Dec 2021 17:02:57 +0530 https://www.taxtmi.com/news?id=24811