Mangaluru: Close on heels of questions being raised at the transactions of the  South Canara District Central Co-operative Bank, Income Tax officials reportedly raided the head office of the bank at KS Rao Road in Mangaluru on Tuesday and verified the documents of the bank.
After demonetisation of higher denomination notes, a section had alleged the Co-operative Bank of resorting to convert black money into white. Certain television reports also claimed that SCDCC Bank Chairman M N Rajendra Kumar was running the ‘Swiss Bank of India’ and that within a span of mere five days the bank had transaction of Rs 386 crore. However, Kumar, in a press conference had denied the allegations on the grounds that the transactions of the bank were all transparent and that he was open for any inquiry into the matter.

The Enforcement Directorate too had sought details of cash deposits by individuals, firms and various co-operative societies in SCDCC Bank between November 8 and 15.