I-T dept probing Axis Bank staff for allegedly facilitating benami deals

Tax sleuths have detected over Rs 520 million of unexplained cash in jewellers' bank accounts

The income-tax (I-T) department is probing the role of some Axis Bank employees for allegedly facilitating cash deposits of over Rs 520 million and benami transactions for half a dozen jewellers based out of Zaveri Bazaar in Mumbai. 

According to sources in the I-T department, the complaint has been referred to by the Prime Minister’s Office (PMO), which has asked tax officials to look into the charges of Axis Bank employees being hand in glove with some jewellers to facilitate illegal activities. 

The bank’s spokesperson said an enquiry by the tax authority did not necessarily indicate any culpability on the