Axis Bank Scam: Bank says will act against culprits

Recently, CBI anti-corruption branch arrested three accused, including the deputy manager of an Axis Bank branch in Kolkata.

A day after Income Tax department on raided Chandni Chowk branch of Axis Bank in Delhi and discovered 44 fake accounts, Axis Bank has put out statement to help officials to nab culprits.

In a statement, Axis Bank said its is cooperating with investigators and will take action on wrongdoers.

"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 guideline . We would also like to add that we are cooperating with the investigating agencies," the statement said.


The two of the bank’s managers in Delhi were arrested by Enforcement Directorate in connection with money laundering probe. Following this, reports have come in that Axis Bank's CEO has informed that it had suspended its 19 officials allegedly involved in illegal activity post demonetisation. The bank suspended 19 officials including 6 of Kashmere Gate branch of Delhi itself.

It is reported that over Rs 450 crores have been found in these accounts. Tax officials said about Rs. 100 crore in old notes have been deposited in these accounts since November 8,
the day Prime Minister Narendra Modi demonetised Rs 500 and Rs 1000 currency.

This is the second raid since the notes ban at an Axis Bank branch in Delhi. Last month, tax officers had caught two people with 3.5 crore in new currency as they came out of the Kashmere Gate branch of the bank, also in central Delhi.

On Thursday also the CBI anti-corruption branch arrested three accused, including the deputy manager of an Axis Bank branch in Kolkata.

Axis Bank has also hired KPMG, one of the big four auditors, to do a forensic audit and strengthen mechanism to put check on such activities.