Axis Bank's profits predicted to fall amid laundering charges
India's Axis Bank is likely to see a sharp fall in profits for Q3 2016, warn analysts, as it is embroiled in a money laundering scandal that came amidst the scrapping of INR1,000 and INR500 notes. Last month the Enforcement Directorate registered a money laundering case regarding the alleged forging of a customer’s identity so as to conduct huge illegal transactions in a branch of Axis Bank for conversion of black funds into white post demonetisation.
I-T department officials and policemen at the Axis Bank branch in Noida Sector-51. Express Photo by Gajendra Yadav I-T department officials and policemen at the Axis Bank branch in Noida Sector-51. Express Photo by Gajendra Yadav

The Enforcement Directorate (ED) has registered a money laundering case in the alleged forging of a customer’s identity to conduct huge illegal transactions in an Axis Bank branch in Noida for conversion of black funds into white post demonetisation.

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The individual, identified as N Paswan, in his complaint filed with the police has claimed that his identity has been forged and a current and a savings account were opened in his name in the said branch which were allegedly used to launder crores of rupees post demonetisation.