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Income Tax raids Axis Bank Krishna Nagar branch, finds 12 fake accounts

As Per I-T Source, I-T Was Able To Trace These Fake Companies As Black Money Evaders Had Used Multiple Branches Of Axis Bank For Transactions.

News Nation Bureau | Edited By : Apoorva Nawaz | Updated on: 16 Dec 2016, 10:18:30 AM
I-T again raids Axis bank, this time Krishna Nagar branch under radar

New Delhi:

Income Tax department continues to raid various branches of Axis bank to unearth fake accounts and blackmoney evasion. On Friday, the I-T sleuths raided Axis bank Krishna Nagar, New Delhi branch. As per I-T source, "I-T was able to trace these fake companies as black money evaders had used multiple branches of Axis Bank for transactions."

During the raid, the cops found 12 fake accounts in Krishna Nagar branch of Axis Bank.

Read More:  Demonetisation: Axis Bank suspends 24 employees, 50 accounts for suspicious transactions

Income Tax dept raids Axis Bank Noida branch, unearths 20 fake accounts with over Rs 60 cr

On Thursday too, I-T raided Axis bank Sector 51 and Connaught Palace branch. At least 20 fake accounts of companies with deposits of over 60 crores have been discovered in the Noida raid. The accounts were being used by companies to turn black money to white money.

In response to various raid, Axis bank on Thursday issued the following statement 

"Axis Bank has rigorous compliance procedures and has also gone ahead and applied all our analytic capability to identify accounts that might have exhibited suspicious activity since demonetization.

"We would like to add that the investigative agencies have identified some potentially suspect accounts for which the Bank had already filed STRs in the past with FIU- IND. Apart from this the Bank has also files additional STRs with FIU in this period proactively. We understand that the visit by the investigative agencies to our branches has been pursuant to the CTR’s & STRs filed by the Bank under the extant KYC & AML norms as applicable to the Bank.

"The Bank has also taken the unprecedented step of temporarily suspending some of these accounts.

"We would like to assure you that Axis Bank stays committed to the success of the Government’s initiative of demonetization and facilitating transition towards digitalized economy. Axis Bank is committed to maintaining the strongest operational controls and has no tolerance for undesirable behaviours that circumvent laid out processes."

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First Published : 16 Dec 2016, 10:10:00 AM