The Income Tax Department raided the Noida Sector 51 branch of Axis Bank on Thursday. According to news agency ANI, over 20 fake companies had their accounts in the branch 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 deputy manager of an Axis Bank branch in Kolkata was earlier arrested for allegedly converting black money into white through bogus company accounts.
More details awaited.