Mangaluru: Income Tax Officials on Thursday reportedly raided the Credit Section and other locations of the MACO Coop Society, at Balmatta Junction.

Numerous Benami accounts including Fixed Deposits and Savings Deposits were reportedly discovered, with no supporting documents available to establish the identity of account holders.

The move follows the failure of the Society to comply with the Income Tax Offices demands, during the demonetization of 500 and 1000 rupee notes. It was learnt that cash in excess of 50 Lakhs was deposited into Fixed Deposits and Savings Deposits by unknown sources during this period.

The Society is led by Ivan D’Souza, MLC, as it’s President.

When Newskarnataka contacted Ivan Dsouza, MLC, he said, “I do not have much details about it. One of my officials called me and said that the officials have asked details of deposits made after November 8. Not only this bank, all the banks in the city have been asked to furnish documents.”