CBI seized Rs 266 crore from Malappuram District Cooperative Bank


black-moneyThe CBI squad that carried out an inspection on the Malappuram District Cooperative Bank (MDCB) have asked the officials to produce documents supporting the amount of money found to be deposited between November 10 and 14.

The bank officials revealed this on Thursday at a meeting called to respond to reports that CBI had seized Rs 266 crore from the back which was not supported by any valid documents.

They clarified that the bank had Rs 97 crore as opening balance and the inspection team only asked them to submit papers for Rs 169 core. They said the remaining amount, Rs 169 crore, was collected from 54 branches of the MDCB and 296 cooperative societies including 140 cooperative society banks.

“The bank had Rs 97 crore as opening balance when the demonetisation came to effect. We later collected Rs 85  crore from our 54 branches and Rs 84 crore from the cooperative societies,” MDCB president Ahammed Kutty said.

He said there was nothing wrong with the bank account and MDCB had complied with the KYC norms clearly. “The bank doesn’t have an issue in accepting any amount of money from depositors. If the amount deposited is black money, the account holder is answerable,” he added.

A 10-member team carried out an inspection at the bank on Wednesday and found a huge cash flow into the bank between the November 10 and 14.

It has been alleged that the bank has violated KYC norms while letting the customers deposit the money. The CBI has asked the details of the account holders from the bank, it was learnt.

The officials argued that they submitted all the relevant documents for the Rs 266 crore which the CBI has claimed to have found without any valid papers.

The bank officials said that the bank had been given a clean chit in two previous inspections carried out by CBI.