Identifying accounts that might have exhibited suspicious activity: Axis Bankhttps://indianexpress.com/article/business/banking-and-finance/identifying-accounts-that-might-have-exhibited-suspicious-activity-axis-bank/

Identifying accounts that might have exhibited suspicious activity: Axis Bank

"We applied all our analytical capability to identify accounts that might have exhibited suspicious activity since demonetization," said Axis Bank in a statement.

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Axis Bank, New Delhi Branch

Facing embarrassment after repeated Income Tax raids at its branches following allegations of irregularities, the Axis Bank on Thursday said it is taking all effort check suspicious activity. The Axis Bank’s statement came hours after the Income Tax raided its Noida 51 branch which was operating the accounts of over 20 fake companies through which illegal transactions were being made. “We applied all our analytical capability to identify accounts that might have exhibited suspicious activity since demonetization,” said Axis Bank in a statement. “The Bank has also taken the unprecedented step of temporarily suspending some of these accounts under question,” the released said.

According to news agency ANI, over 20 fake companies had their accounts at Noida 51 branch of Axis Bank and an amount of over Rs 60 crore had been deposited in these accounts. On December 5, the Enforcement Directorate officials had arrested two Axis Bank managers in New Delhi as part of its investigation in a racket involved in illegal conversion of currency notes.

Earlier this month, the I-T department had also visited the bank’s Chandni Chowk branch and found that huge sums were deposited in multiple accounts after November 8, when Prime Minister Narendra Modi announced the demonetisation of old Rs 500 and Rs 1000 notes.

The Reserve Bank of India had on Monday said it has “not initiated any action” to cancel Axis Bank’s licence following allegations of irregularities at some of its branches after the demonetisation of high value notes last month.