During Axis bank raids, tax officials found fake accounts where over 60 crores were deposited.
In raids at an Axis bank branch today, tax officials found fake accounts where over 60 crores had been deposited since the notes ban was announced last month.
20 fake company accounts were found in the branch in Noida. Sources say directors named in these accounts were found to be labourers.
Earlier, taxmen found 44 fake accounts at a branch of Axis Bank in Chandni Chowk, a busy commercial area in the old quarters of Delhi. Around 100 crores in old notes had been deposited in these accounts since November 8, when Prime Minister Narendra Modi banned 500 and 1000 rupee notes to check tax evasion.
The fake accounts, said officials, were created using forged documents. The money may have been routed to buy gold, suspect investigators.
"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," said a spokesperson of Axis Bank.
Last month, the Delhi Police had caught two people with 3.5 crore in new currency as they came out of the Kashmere Gate branch of the bank, also in central Delhi.
After the Prime Minister's sudden announcement abolishing high value currency, the government has allowed people to deposit the outlawed 500 and 1000 rupee notes in bank accounts till December 30.
It has said that deposits of more than 2.5 lakh will attract scrutiny by the taxman.
Today is the last day to use old 500-rupee notes.