Axis and seven other banks under ED scanner for money laundering scam
Axis Bank, along with seven other banks, are being investigated by the Enforcement Directorate's (ED) over alleged money laundering.  The ED has arrested Manish Jain, after it found that about Rs 500 crore ($93m) was transferred from Axis Bank and Oriental Bank of Commerce through 70 fake bank accounts; the investigating agency believes six more banks may be involved.  

Another forex scam to the tune of over Rs 500 crore has come to light involving Oriental Bank of Commerce and Axis Bank after the Enforcement Directorate arrested a person under the Prevention of Money Laundering Scam.

The ED has arrested one Manish Jain after it was detected that huge sum of money were transferred from Oriental Bank of Commerce and Axis Bank through 70 fake bank accounts, <em>CNBC-TV18 reported.

"Jain used to send money to Hong Kong in HSBC Bank and further to China. The money was remitted out of India illegally against the imports which actually never took place."— the CNBC-TV18 said.

The investigating agency has found six more banks to be involved in this case and the racket was on since 2006.

The ED has conducted searches in various locations resulting in recovery and seizure of incriminating documents and material.

Earlier today, the Serious Fraud Investigation Office (SFIO) initiated a probe into the alleged Rs 6,100 crore black money transaction case involving a Delhi branch of Bank of Baroda.