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IT Raid : Axis Bank In Delhi Laundered Over 100 Crores To Gold Using Fake Accounts

IT Raid : Axis Bank In Delhi Laundered Over 100 Crores To Gold Using Fake Accounts


In a raid conducted by the Income Tax office on Friday at Chandni Chowk’s Axis Bank branch, 15 fake accounts were found.

As reported by ANI, an authority said that over Rs 100 crores were found in these false accounts.

axis bank raid delhi

All of this amount was deopsited in these accounts since the demonetisation move taken by PM Narendra Modi banning the old Rs  500, Rs 1000 notes on November 8.

As reported by NDTV, the fake accounts were created using forged and illicit documents. It is suspected that all of this money may have been laundered to buy gold.

In the reaction to these 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.”

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Earlier this month, the Kashmere Gate, Delhi branch of the Axis Bank was raided in which two people were caught holding Rs 3.5 crores in the new currency.

As a step to fight against black money and fake currency, Prime Minister Narendra Modi made an announcement that the public would be allowed till December 30 for depositing their old demonetised notes in their bank accounts. The other condition added to the arrangement that deposits exceeding Rs 2.5 lakh will draw in examination by the income tax department.

Individuals who haven’t disclosed their black money till September 30 have been allowed to disclose the amount and pay a penalty alongside half duty i.e. 50% tax.

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