The Income Tax Department’s Intelligence and Criminal Investigation Wing, has widened its crackdown on suspected Statement of Financial Transactions (SFT) violations across Vidarbha, bringing six hospitals in Nagpur, Wardha, Yavatmal and Amravati, the Morshi Sub-Registrar Office (SRO), banks in Bhandara, Khamgaon, and Wardha under its scanner. According to departmental sources, suspected unreported transactions exceeding Rs 1 crore have been detected in each of these cases, with the hospital investigations alone involving undisclosed cash transactions worth crores of rupees. The expanding investigation covers three major areas of financial activity: medical services, property registration and banking.

 

The action against six prominent hospitals has created a stir in Vidarbha’s medical fraternity. The Investigation Wing reportedly found substantial cash receipts that had not been properly disclosed under the Statement of Financial Transactions (SFT). The department has conducted the investigation over the past 15 days, examining financial documents and digital records. The investigation has also reached property registration offices. The Morshi SRO has figured in the department’s action, while recent scrutiny has extended to Bhandara, Khamgaon, and Wardha banks. Under SFT provisions, SROs are required to report property transactions involving consideration of Rs 30 lakh or more, or where the stamp valuation is Rs 30 lakh or more.

 

The reporting requirement covers specified property transactions, including applicable gift and lease deeds. The department examines these records to identify differences between registered property values, financial disclosures and the income declared by the parties involved. Unlike hospitals and property registration offices, banks have separate reporting thresholds for different categories of transactions. Cash deposits of Rs 10 lakh or more in savings and other specified non-current accounts must be reported in a financial year. For current accounts, the reporting threshold is Rs 50 lakh for aggregate cash deposits or withdrawals. Specified fixed deposits and credit card payments also fall under the SFT reporting framework. Officials are examining documents and digital data to establish the extent of discrepancies. With several districts and sectors already covered, the investigation could widen further as the department follows the trail of unreported transactions.