Demonetization: IT dept raids Chandni Chowk Axis Bank, finds Rs 450 crore in fake accounts

In a raid conducted by the Income Tax department at Chandni Chowk's Axis Bank branch on Friday, 15 fake accounts were discovered.

According to ANI, an official said that over Rs 450 crores were found in these fake accounts.

This amount has been deposited in the bank ever since PM Modi made the announcement to demonetize old Rs 500, Rs 1000 notes on November 8. 

According to a NDTV report, the fake accounts have been created using forged documents. It is suspected that the money may have been routed to buy gold.

Reacting to the reports, the official spokesperson of Axis Bank said, "The bank is committed to following the highest standards of corporate governance and has zero tolerance towards any deviation on the part of any of its employees from the set model code of conduct. Strict action will be taken against any employee found deviating from the guideline . We would also like to add that we are cooperating with the investigating agencies."

Last month too, Axis Bank Kashmere Gate branch in Delhi was raided and two people were caught with Rs 3.5 crore in new currency.

In an effort to curb black money and fake currency, PM Modi had announced that people would be allowed to deposit the demonetized notes in bank accounts only till December 30. The other clause added to the provision is that deposits more than Rs 2.5 lakh will attract scrutiny by the taxman.

People who haven't disclosed black money till September 30 have been given a chance to disclose money and pay a penalty along with 50% tax.