Amid demonetisation of Rs 500 and Rs 100 notes, the Income Tax department on Friday raided the Kashmere Gate branch of Axis Bank in Delhi, according to report broadcast on a TV news channel.
The raids were conducted after two people were held with Rs 3.5 crore new notes.
The I-T department is also conducting search operation at the residences of two Axis bank managers who were allegedly involved in carrying out the conversion of black money.
The bank managers reportedly took the commission in gold. Further details are awaited.
In order to curb black money, the government on November 8 announced that high currency denominations of Rs 500 and Rs 1,000 will no longer be legal tender.
Holders of the currency have the option to deposit them in bank accounts till December 30. However, several reports have surfaced where unscrupulous elements are using various means to convert their black money into white.
Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation.