The Income Tax Department carried out search and seizure operations at the headquarter and one of the branches of an Urban Credit Cooperative Bank located in Maharashtra and restrained Rs 53.72 crore, informed the Central Board of Direct Taxes (CBDT) on Saturday. The search and seizure operation was carried out on October 27.

According to CBDT, the residence of the chairman and one of its directors were also searched. CBDT said the analysis of bank data on Core Banking Solutions (CBS) and the statements of key persons recorded during the search action have revealed the glaring irregularities in opening the bank accounts.