With raids being conducted all across the country in the wake of the curbs on the flow of black money post demonetisation, an amount worth Rs. 60 crore was found to have been deposited in 20 fake accounts in an Axis Bank branch in Noida on Thursday.
It may be recalled that the Enforcement Directorate had arrested two bank managers of the Axis Bank branch in Kashmiri Gate for seeking to exchange or siphon off Rs 3.5 crore new currency notes.
On December 9, a raid on the Chandni Chowk branch of a bank, revealed 15 fake accounts with over Rs. 450 crores in deposits.
The Enforcement Directorate (ED) has so far carried out raids on 50 branches of 10 banks across the nation in an attempt to keep a tab on those account holders, who deposited huge amounts at one time.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app