A slew of credit cooperative banks and real estate businessmen in major cities of Madhya Pradesh, including Bhopal are under the Income Tax department scanner for possibly helping in conversion of defunct black money into liquid assets worth several crore rupees.
The private credit cooperative banks which are under taxman’s scanner, included some banks situated in Bhopal’s Bairagarh area, a key source in the IT department in Bhopal told Hindustan Times on Tuesday.
Specific inputs with the IT department suggest that such banks are providing parking place for bulk of demonetized Rs 500 and Rs 1000 notes of government employees, businessmen as well as politicians.
The IT department is also working on specific inputs about government officials and politicians being lured by market slump-hit builders and real estate businessmen to park the defunct black money in their kitty.
The parked money will be utilized by the builders and real estate businessmen to make outstanding payments to debtors from whom they have secured massive advance sums, but are unable to pay them back owing to market slump.
Sources added that these elements which are being identified in real estate sector in Bhopal, Indore and some other major cities of MP are promising those stashing defunct liquid assets to return the same money in the new currency form after a few months when situation normalize.
The IT department is also working on specific information about officials of some smaller banks, particularly in Vindhyan region (Rewa, Satna and adjoining districts) having a nexus with those hiding black money.
Inputs available with the taxman suggest a strong possibility of the bank officials assuring a safe route for conversion of defunct money into liquid form in return for a commission ranging between 10% to 20% of the demonetized currency notes.
Also under the IT department scanner are certain individuals or groups who are being used by hoarders of black money to exchange defunct currency notes with new currency notes in return for handsome commission.