Margao: The Madgao Urban Bank Head office at Margao and Madgao branch were searched by I-T officials on Thursday. The search was conducted to recover several documents and files pertaining to investments of various individuals made with the bank. The exercise has been initiated after the deadline of the Income Disclosure Scheme (IDS) 2016 ended recently.
The search which began at 11 am went on till midnight. Sources revealed that the search was conducted by Income-Tax officials from Bangalore, Panjim and Margao.
The search party has reportedly acquired records of investments made with the bank from 2001 till date and is specially eyeing the top 25 investors with the bank. Though it is suspected that the raid was pertaining to the unaccounted money accepted by the bank and invested in the form of Fixed Deposits, however, there is no confirmation on the exact nature of the search and the information on what the officials searched for.
Madgao Urban bank has been has been functioning in Margao and beyond for decades now. The bank is already known to be fighting 3 cases pertaining to finance of serious nature in various courts of Goa.
