I-T raid on Axis Bank branch in Delhi, 44 fake accounts with cash deposits of Rs 100 cr identified

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Income tax officials carried out a raid on the Chandni Chowk branch of Axis Bank on Friday, and discovered 15 fake accounts.

The officials were quoted, as saying that, over Rs. 450 crores were found in these fake accounts.

Officials said the taxman visited the bank's branch in Chandni Chowk area here and found that huge sums were deposited in multiple accounts post November 8, when Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1000 notes.

"The department is checking the records of the bank as part of a survey operation. There are some instances under scanner where huge deposits have been made post the currency scarp and that is being probed," officials said.

Axis bank said it is cooperating with the agency.

"The bank is committed to following the highest standards of corporate governance and has zero tolerance towards any deviation on the part of any of its employees from the set model code of conduct. Strict action will be taken against any employee found deviating from the guidelines. We would also like to add that we are cooperating with the investigating agencies," it said in a statement.

They added the taxman was probing some accounts which were dubious as they were opened by allegedly using fake Know Your Customer (KYC) documents and it was suspected some entry operators used the accounts to deposit funds.

The amount under scanner is understood to be around Rs 100 crore, they said.

The bank's Kashmere Gate branch had recently come under the lens of the department for alleged irregularities in deposits post demonetisation. The Enforcement Directorate (ED) had arrested two Managers of the Axis Bank and another person in connection with its money laundering probe.