ED registers case against fake account holders in Axis Bank's Noida branch

The Enforcement Directorate registered a case against fake accounts holders in Axis Bank (Noida Sector 51) under Prevention of Money Laundering Act on Saturday. The ED will also question bank officials regarding this.

The Income Tax Department found 12 fake accounts in Krishna Nagar branch of Axis Bank on Friday, reported ANI quoting I-T dept sources. The department was able to trace these fake companies as black money evaders had used multiple branches of Axis Bank for transactions. This is part of the search operation conducted by the Noida unit of Income Tax. The Income Tax department was trying to analyse the quantum of transactions through these fake companies. The Enforcement Directorate got in touch with the IT team and started their investigation.

A few days after the Income Tax Department raided an Axis Bank branch in Old Delhi’s Chandni Chowk area, where 44 fake accounts with Rs 100 crore in them were found, it raided three more branches in the Delhi-NCR region on Thursday.

I-T officials said Thursday’s raids were conducted after a series of irregularities in exchange of old notes were detected at three Axis Bank branches. The first raid at the Noida Sector-51 branch put the spotlight on the accounts of 20 fake companies, with over Rs 60 crores in them. Raids were also conducted at the Connaught Place branch in T Block as well as the Statesman House branch. 

Soon after the central government’s demonetization move, the Enforcement Directorate had arrested two bank managers for converting black money into white from the Kashmere Gate branch of the bank in New Delhi.