Axis Bank dismisses 24 staffers, suspends 50 accounts after I-T raids

A preliminary report is expected in 10 days, final report in three weeks

Axis Bank, country's third largest private sector lender,  that has come under the Income tax and Enforcement Directorate's lens said that it has suspended 50 accounts at the moment.

Apart from this, the bank has also fired 24 employees and investigations are going on in eight of the bank's branches.

"We file a STR (suspicious transaction report) with FIU (Financial Intelligence Unit) if we notice any doubtful transactions. These accounts and branches where investigative officers have visited have been based on these STRs filed by the bank," said Rajesh Dahiya, Executive Director, Corporate Centre.

The management added that usually, they