Note ban: Rs 100 crore in 44 fake accounts found in bank raid

Delhi, Chennai, Mumbai, Ahmedabad: The income tax department on Friday raided another branch of Axis Bank in connection with its probe into instances of money laundering post the demonetisation of Rs 500 and Rs 1,000 notes.

In the Friday’s raid at the private bank’s Chandni Chowk branch in the national capital, the officials unearthed 44 “fake” accounts in which around Rs 100 crore in old currency notes have been deposited since the Centre’s announcement on November 8. Several bank officials are being questioned in connection with these accounts.

Sources said the branch has seen deposits worth Rs 450 crore since November 8. “The department is checking the records of the bank as part of a survey operation. There are some instances under scanner where huge deposits have been made post the currency ban and that is being probed,” an I-T official said.

The bank vowed strict action against any employee found deviating from the guidelines. The bank’s Kashmere Gate branch recently came under the lens of the I-T department for alleged irregularities in deposits post demonetisation. Its two managers were arrested following the probe.

Meanwhile, in the biggest seizure of cash and gold post demonetisation, the department said it has seized unaccounted assets worth over Rs 142 crore, which includes about Rs 10 crore in new notes and gold bars weighing 127 kg, during searches at multiple locations in Chennai to check tax evasion. Also, the crime branch of Mumbai police seized Rs 85 lakh cash in Rs 2,000 notes from a person at Matunga. In Surat, police detained four people on Friday after they failed to explain the source of Rs 76 lakh in cash in denomination of Rs 2,000 recovered from their possession. The cash has been seized, police said.