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44 Fake Accounts With 100 Cr Found in Delhi Axis Bank Raid

In November, the IT dept had raided another Axis Bank branch in Delhi. They found Rs 3.5 crore in new currency.

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Income Tax officers on Friday carried out raids on an Axis Bank branch in Chandni Chowk, Delhi and unearthed 44 fake accounts with close to Rs 100 crore in them, reports NDTV.

According to the report, tax officials declared that the accounts had seen about Rs 100 crore in old notes deposited in them since the government’s move to demonetise high currency value notes of Rs 500 and Rs 1000.

The fake accounts had been created using forged documents and officials say the money may have been routed to buy gold. The officials revealed that in total, Rs 450 crore has been deposited in the branch since 8 November.

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Bank Issues Statement

Responding to the situation, Axis Bank issued a statement clarifying their stance on the matter.

We’re cooperating with investigating agencies...Axis Bank is committed to following highest standards of corporate governance and has zero tolerance towards any deviation on part of any of its employees from the set model code of conduct. Strict action will be taken against any employee found deviating from set guidelines. 
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Earlier in November, the IT department had raided another Axis Bank branch in Delhi and found two people with Rs 3.5 crore in new currency.

The IT dept also raided the residence of two Axis bank managers who were allegedly involved in carrying out the conversion of black money. The bank managers reportedly took their commission in gold.

These raids took place after the government announced on 8 November that high currency denominations of Rs 500 and Rs 1,000 will no longer be legal tender. Several reports about unscrupulous elements who have used banks to convert their black money into white have surfaced since then.

(Source: NDTV)

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Topics:  Axis Bank   Raids   Currency 

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