Income Tax raids Axis Bank Noida and Connaught Place branches

As large number of account holders gathered outside the bank, a police team was also deployed outside the private bank branch.

Income Tax raids Axis Bank Noida and Connaught Place branches

After the raid in Axis Bank branch in Noida, the Income Tax Department conducted a search in Axis Bank Connaught Place branch.

Earlier, IT Department raided an Axis Bank branch located in Noida and unearthed deposits worth Rs 60 crore from twenty fake accounts.

TOI quoted its sources as saying that, systematic deposits were made into these accounts that had been opened in the names of low-income workers and labourers.


The report added that the IT department came to know about the accounts, when a jeweller in Noida sold gold worth Rs 600 crores after the November 8 demonetisation announcement, and deposited the money he got at the Noida branch.

As large number of account holders gathered outside the bank, a police team was also deployed outside the private bank branch.

Thursday's raid comes after the I-T department had conducted a raid at the bank's Chandni Chowk branch in New Delhi last week where they uncovered Rs 100 crore deposited in 44 fake accounts.

According to TV new reports, income tax department has also carried out raids at the bank's Connaught Place branch.

Axis Bank said 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, Axis Bank executive director Rajesh Dahiya had said.

Last week, Enforcement Directorate also arrested two Axis Bank managers in New Delhi and seized 3 kg gold bars in connection with its money laundering probe in a racket of illegally converting old notes in connivance with banking authorities.

The government, according to TOI report,  had already asked Axis Bank to "set its house in order" after a series of irregularities linked to the exchange of old notes were detected at the country's third-biggest private lender.