Nagpur: Tax authorities have detected unreported deposits exceeding ₹125 crore parked with Nirmal Ujjwal Credit Cooperative Society during scrutiny under the mandatory Statement of Financial Transactions (SFT) framework.Under the SFT mechanism, cooperative societies are required to report deposits ranging from ₹10 lakh to ₹50 lakh to the Income Tax Department for cross-verification with depositors’ returns. The action forms part of an ongoing drive by the department’s Intelligence and Criminal Investigation (ICI) wing, which has also covered several other cooperative institutions.
Multiple SFT reporting violations were detected at Nirmal Ujjwal. Deposits worth around ₹45 crore in current accounts were not reported, despite the requirement that cash deposits exceeding ₹50 lakh in a current account be disclosed under SFT-3.Similarly, cash deposits of another ₹45 crore in savings accounts went unreported, a violation falling under SFT-4 provisions. In addition, deposits exceeding ₹10 lakh in any account—whether made in cash or by cheque—must be reported under SFT-5, violations of which were also found, sources said.Earlier, the Income Tax Department had unearthed unreported deposits in a bank in Chandrapur as well.
