Income Tax officials conducted raids at the office of Bharti Axa Life Insurance at Halwasiya, Hazratganj, Lucknow on Tuesday.
I-T dept got information that the company was allegedly indulging in issuing policies by accepting old notes. The Income Tax officials has now sealed various documents recovered during the raid.
Income Tax official got tipped off that the insurance company was accepting defunct notes post demonetisation drive on November 8, and were issuing policies.
Crores of rupees have been deposited in old notes post demonetisation. Now I-T has sealed the documents and notice will be served by Income Tax dept in due course to those whose names will be appeared in the list of those who bought policies using old notes.