Income Tax Department seizes Rs 1.56 crore from cooperative bank in Jaipur

JAIPUR: The Income Tax department here has seized Rs 1.56 crore, including Rs 1.38 crore in 2,000 rupee notes, from a cooperative bank in the city.

Following complaints of irregularities in exchange of notes, the IT department conducted a raid at the Integral Urban Cooperative bank yesterday.

"Total cash of Rs 1.56 crore, including Rs 1.38 crore in new Rs 2000 notes, was seized from the bank," an income tax official said here today.

As per the initial probe, the stakeholders of the bank were replacing their unaccounted income with new notes.

"Gold and silver jewellery from an anonymous locker were also seized. The locker was being operated by the owners," the officer said.

Further investigation into the matter is on.