IT raid: 44 fake accounts with more than 100 Cr deposit found
New Delhi: Income tax sleuths on Friday raided a branch of Axis Bank here in Chandni Chowk where about 44 fake bank accounts with deposit of around Rs 100 crore demonetised notes were found.
The notes were deposited since November 8 after the move by the Modi government to withdraw about 80 per cent of old cash in a bid to curb the flow of black money in the market.
The officials said that the fake accounts were created by the usage of forged documents, further suspecting that the money might have been routed to buy gold. This is the second such raid to have been reported at a branch of Axis Bank.
Earlier during last month, two officials of the bank from Kashmere Gate branch here, were suspended and 3 kg gold bars were seized in connection with a money laundering probe into a racket illegally converting old notes into new in connection with bank authorities. They were arrested under the Prevention of Money Laundering Act (PMLA) on November 30.