Axis in trouble again as 20 fake accounts are found
Income tax officials have found 20 fake companies’ account details in an Axis bank branch in Noida’s Sector 51, not long after a separate raid on another branch where 44 fake accounts were discovered. The accounts held deposits of over INR1.6bn ($24,000) in total, leading to suspicions of money laundering. The Indian government’s crackdown on “black” money has led to the demonetisation of INR500 and INR1,000 notes, with a number of bank staff being arrested since the move for illegally converting demonetised notes into legal currency.
Income Tax officials have raided the Axis Bank branch in Noida's Sector 51 as part of the crackdown on suspected money laundering.

BCCL/ Representative Image

According to ANI, officials have found account details of 20 fake companies with the branch which have a total cash deposit of around Rs 60 crore.

Initial reports say that these paper companies have been set up with names of daily labourers as directors.

The raid comes days after I-T department officials raided another Axis bank branch in Delhi's Chandni Chowk from where 44 fake accounts with over Rs 100 crore deposits were identified.

axis bank/ Representative Image

Ever since the government announced the decision to demonetise Rs 500 and Rs 1,000 notes the to crack down on black money, the role of banks, especially private banks in money laundering have been coming out.

A number of bank staff have been since arrested for illegally converting demonetised currency notes.