Demonetisation: I-T department discovers 44 fake accounts at Axis Bank’s Chandni Chowk branch

Over Rs 100 crores was allegedly found in these accounts.

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I-T department conducted survey at Axis Bank’s Chandni Chowk branch.(ANI Photo)

A survey conducted by the Income-Tax department at the Chandni Chowk branch of Axis Bank on Friday lead to the discovery of 44 fake accounts, news agency ANI reported. Over Rs 100 crore was allegedly found in these accounts. The bank allegedly did not follow KYC norms set by the RBI. The branch authorities are currently being questioned by police. Tax authorities claimed that since the demonetisation of high tender notes, over Rs 450 crores has been deposited into these accounts. “The department is checking the records of the bank as part of a survey operation. There are some instances under scanner where huge deposits have been made post the currency scarp and that is being probed,” officials said.

WATCH VIDEO | Supreme Court Seeks Centre’s Response Over Various Issues Regarding Demonetisation

Axis Bank said that strict action will be taken against employees deviating from its model code of conduct. “Axis 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 the guidelines. We would also like to add that we are cooperating with the investigating agencies,,” said the bank’s spokesperson.

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Also Read | Will take strict action against those responsible, says Axis Bank

The bank’s Kashmere Gate branch had recently come under the lens of the department for alleged irregularities in deposits post demonetisation. The Enforcement Directorate (ED) had arrested two Managers of the Axis Bank and another person in connection with its money laundering probe.

PM Narendra Modi had earlier appealed to people to not accept money from others to deposit in their account; and those who force them to do so would face consequence.

with PTI inputs

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