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Odisha Sun Times Bureau
Balasore, Nov 25:

A three-member team of the Income Tax department today conducted a surprise raid at the Balasore-Bhadrak Central Cooperative Bank near OT Chhak in Odisha’s district headquarters town of Balasore over reports of excessive deposit of money in the bank.

bank-raid

The three-member team which arrived at the bank premises at around 10.15 AM mainly examined documents pertaining to deposits of old Rs 500 and Rs 1000 currency notes after these ceased to be legal tender from the midnight of November 8, sources revealed.

The team also scrutinized documents pertaining to deposits made in accounts in excess of Rs 5 lakh, the sources added.

Sources said the IT department on receiving inputs that deposits of over Rs one crore have been deposited in bank accounts of some depositors of the bank conducted the raid.