Income Tax officers have in a raid reportedly pulled out 44 fake accounts in the of Axis Bank in central Delhi’s Chandni Chowk, on Friday. Over Rs, 100 crores were supposedly found in these fake accounts. These bank accounts allegedly did not follow the KYC norms that were given by the RBI. These bank accounts were created by forged documents, and the investigators investigated that the money was maybe to be used to buy gold. The bank authorities were then questioned by the police.
The Income Tax department claimed that since the demonetizations were announced, Rs 450 crores have been deposited in this branch of Axis Bank. As part of survey operation, the department is checking the records of the bank. There are some cases under which huge amount of money have been deposited in the banks after the ban of high tender notes, and it is being investigated”, says officials.
Axis Bank said that strict action would be taken against for the employees who change the model code of conduct. The bank’s spokesperson says that Axis Bank is committed to following highest standards of corporate governance and has zero tolerance towards any change in its employees part of the set of model code of conduct. Strict action will be taken against the employees. He also said that they are cooperation with the investigating agencies.
The bank’s Kashmere Gate branch had come under the Department for reported irregularities in deposits post demonetisation ED (Enforcement Directorate) had arrested two Managers of the Axis Bank and another person in connection with its money laundering probe.
The government has also given an opportunity to the old notes in black money to pay 50% of tax and penalty, it was also said that if the tax was paid without informing the officials, they would have to [ay much bigger fine.