Twitterati goes crazy after IT raids at Axis Bank branches reveal fake firms and over 60 crores’ deposits

According to reports, IT was able to trace these fake companies because black money evaders had mostly used multiple branches of Axis bank for transactions.

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I-T department officials and policemen at the Axis Bank branch in Noida Sector-51.(Source: Express photo by Gajendra Yadav)

It has been more than a month after Prime Minister Narendra Modi declared the demonetisation of high-value currency notes. The decision was implemented to weed out black money, corruption, terrorism and other illegal activities from the country. Meanwhile, banks that are supposed to facilitate the proper implementation of demonetisation, have now come under the scanner for helping the influential convert black money into white.

ALSO READ | Income Tax raid at Noida Axis Bank branch shows accounts of 20 fake firms, deposits of over Rs 60 crore

According to a report by ANI, about 12 fake accounts have been found in Axis Bank’s Krishna Nagar branch. Before that, over 20 fake companies had their accounts in Axis Bank’s Noida branch and an amount of more than Rs 60 crores were deposited in these accounts. Earlier in December, two Axis Bank managers in New Delhi were arrested by the Enforcement Directorate officials, after they investigated a racket that involved the illegal conversion of currency notes. A Kolkata Axis Bank branch deputy manager was also reportedly arrested for his alleged involvement in converting black money into white through unverified company accounts.

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The news came at a time when millions of people across the country continue to stand in long queues outside banks and ATMs, and has earned the ire of people, evident especially on the social media.

This was the news that triggered the social media users.

Income Tax department finds 12 fake accounts in Krishna Nagar branch of Axis Bank: IT sources #Delhi

— ANI (@ANI_news) December 16, 2016

#FLASH: Income Tax Dep raids Axis bank branch in Noida sec 51, finds accounts of 20 fake companies, over Rs 60 cr deposited in the accounts

— ANI (@ANI_news) December 15, 2016

Sample some of the reactions that followed.

Swiss Bank customers are now queueing outside Axis Bank to promote PM’s #MakeWhiteInIndia initiative pic.twitter.com/f9v7YSesID

— The-Lying-Lama (@KyaUkhaadLega) December 15, 2016

Mean while. In Axis Bank 😂😂😂 @KyaUkhaadLega @Being_Humor @SmokingSkills_ @coolfunnytshirt pic.twitter.com/sQzTufe7mm

— king of Kings (@Rajshekhardixit) December 15, 2016

Axis Bank: Converting Black into White since 1990 pic.twitter.com/mQfIe2FUuP

— Drunk BATMAN (@Caped_Humor) December 9, 2016

Man1:Yeh income tax ki office kaha par hai?
Man2:Wo rahi
Man1:Wo toh Axis Bank hai
Man2: saare income tax officials udhar hi rethe hai

— Akshay Jain (@ComedyBanda) December 15, 2016

@KyaUkhaadLega @IncomeTaxIndia
Old tagline of Axis Bank – “Badhti ka naam Zindagi”
New tagline of Axis Bank – “Badhti ka naam Raid”

— LOLiater (@sureshkumar87) December 15, 2016