Another raid on Axis Bank: I-T department finds 12 fake accounts in Delhi branch

The troubles for Axis Bank seem to be far from over after the banks began exchanging, depositing old currency post demonetisation. Now, the Income Tax department has found 12 fake accounts in Krishna Nagar branch of Axis Bank, news agency ANI reported on Friday.

I-T was able to trace these fake companies as black money evaders had used multiple branches of Axis Bank for transactions. More details are awaited, sources in the Income Tax Department said.

Recently, the bank has been in news for all wrong reasons.

On Thursday also, 20 fake accounts with deposits amounting to as much as Rs 60 crore were uncovered during a raid at an Axis Bank branch in Noida.  

In the wake of disclosure of transgressions in its network, including a case in Noida which came to light on Thursday, private sector lender Axis Bank said it has so far suspended 50 accounts and 24 employees for suspicious activities.

On December 9, in yet another raid on Axis Bank, the Income Tax department found Rs 450 crore deposited in 15 fake accounts at the bank's Chandi Chowk branch in New Delhi.

On December 7, 2016, Axis Bank suspended its 19 officials allegedly involved in illegal activity post demonetisation. Following arrest of two of its managers in Delhi by Enforcement Directorate in connection with money laundering probe, Axis Bank has hired KPMG to do forensic audit and strengthen mechanism to put check on such activities.