Rs500 cr scandal in bank

DNA - Mumbai - I-T dept unearths Rs500 cr scandal in city bank - Daily News & Analysis: "The Income-Tax department has unearthed a scandal involving at least Rs500 crore at the Mohammed Ali Road branch of the Development Credit Bank (DCB). Several individuals holding business/current accounts with the branch were found to have evaded the banking cash transaction tax (BCTT) though they were making heavy withdrawals.

An Income-Tax officer said that over the last month, the individuals made multiple withdrawals from these accounts every week, sometimes to the tune of Rs1.5 crore from a single account in a day. But when the department tried to trace these individuals, it reached a dead-end: the addresses given were false. The officer said the money from these benami accounts is suspected to have been used in property transactions, or purchase of jewellery and imported cars. "