The Income Tax department raided another Axis Bank branch in Noida sector 51 branches on Thursday. 20 fake accounts of companies with deposits of over 60 crores have been discovered in the raid. The accounts were being used by companies to turn black money to white money.
This is second such raid by I-T sleuths.
On Wednesday, after a series of irregularities in exchange of old notes were detected at Axis Bank, the government has asked the country's third biggest private lender to "set its house in order."
Earlier also, Income Tax officers Axis Bank branch in Chandni Chowk in Delhi and found 44 fake accounts. Income Tax officers found cash deposits worth Rs 100 crore in fake accounts.
After demonetisation, Enforcement Directorate arrested two bank managers for converting black money into white from Kashmere Gate branch of Axis bank in New Delhi. Officials identified the two managers as Shobit Sinha and Vineet Sinha, working as managers in the Kashmere Gate branch of Axis bank in New Delhi were arrested, under the provisions of the Prevention of Money Laundering Act (PMLA).