Income Tax department raids Axis Bank branch in Delhi, unearths 44 fake accounts

Income Tax department on Friday raided Chandni Chowk branch of Axis Bank in Delhi and discovered 44 fake accounts.

Income Tax department on Friday raided Chandni Chowk branch of Axis Bank in Delhi and discovered 44 fake accounts.

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 notes crores have been deposited into different accounts in this branch.



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.


The two two of the bank’s managers in Delhi were arrested by Enforcement Directorate in connection with money laundering probe after which the bank suspended 19 officials allegedly involved in illegal activities post demonetisation.

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.