Income Tax officers on Friday raided Axis Bank branch in Chandni Chowk in Delhi. A total of 44 fake accounts have been identified in the bank branch. Income Tax officers found cash deposits worth Rs 100 crore in fake accounts.
Banks did not follow KYC norms in these accounts. Bank officials are being questioned.
"Bank is committed to following highest standards of corporate governance & has zero tolerance towards any deviation on part of any of its employees from the set model code of conduct. Strict action will be taken against any employee found deviating from guideline; we're cooperating with investigating agencies," said Axis Bank Spokesperson.
Since November 8, more than Rs 450 crores have been deposited into different accounts in Chandni Chowk branch of Axis Bank.
Earlier, two managers from Axis Bank were arrested by the Enforcement Directorate in connection with money laundering probe. Both the officials were booked for alleged committing irregularities in the conversion of old currency and supply of new notes leading to black money generation.
Prime Minister Narendra Modi on November 8 announced that Rs 500 and Rs 1000 notes would be discontinued as a legal tender.