In a big catch, the income tax vigilance unit has nailed down another branch of Axis Bank in connection of suspected malpractice post-demonetisation. 20 fake company accounts were found in the branch in Noida.
A team of the department on Thursday raided the bank’s Noida branch and searched the accounts.
In the search, Rs. 60 crores were found in 20 accounts of as many shell companies, an official said, adding that the I-T team was scanning the records to trace the directors of these companies. However, sources say directors named in these accounts were found to be labourers.
The accounts came to the notice of the I-T department when a jeweller in Noida sold gold worth Rs. 600 crores after the November 8 demonetisation announcement, and deposited the money he got at the Noida branch.
A large number of account holders had gathered outside the bank. A police team was also deployed outside the Axis bank branch.
A few days ago, more than Rs 100 crores were found in 44 suspect accounts during a raid at a branch in the Chandni Chowk area of Delhi. The bank suspended 16 employees following action by the Enforcement Directorate (ED) that led to arrest of two bank managers.
The government had already asked Axis Bank to “set its house in order” after a series of irregularities linked to the exchange of old notes were detected at the country’s third-biggest private lender.