The Income Tax department came across 20 accounts of fake companies during a raid at an Axis Bank branch in Uttar Pradesh's Noida area on Thursday.
An amount of over Rs 60 crore had been deposited in these accounts in the Noida Sector 51 branch of Axis Bank, said reports.
Noida: Visuals of Axis bank in Noida sec 51 where Income Tax Dept raided & found accounts of 20 fake companies with over Rs 60 Cr in them pic.twitter.com/wtH4Xqs3eI— ANI (@ANI_news) December 15, 2016
Earlier this month, the IT department had also visited the bank's Chandni Chowk branch and found that huge sums, totalling to about Rs 450 crore, were deposited in multiple accounts after November 8, following the Centre's demonetisation of old Rs 500 and Rs 1,000 notes. That raid saw the recovery of around Rs 100 crore deposited in 44 fake accounts.
On December 5, the Enforcement Directorate officials had arrested two Axis Bank managers in New Delhi as part of its investigation in a racket involved in illegal conversion of currency notes.
After the raid last week, the Axis Bank authorities issued a statement stating that strict action would be taken against any employee found to be indulging in malpractice.
The statement came amidst rumours that Axis Bank's license could be cancelled. Axis Bank dubbed such reports as 'false and malafide'.