Money & Banking

I-T Dept surveys Axis Bank branch over illegal deposit of demonetised notes

Press Trust of India New Delhi | Updated on January 16, 2018 Published on December 09, 2016

Around ₹100 cr allegedly deposited in fake accounts

The Income Tax Department on Friday conducted a survey at an Axis Bank branch here in connection with its probe into possible tax evasion by way of illegal exchange of demonetised currency notes.

Officials said the taxman visited the bank’s branch in Chandni Chowk area here and found that huge sums were deposited in multiple accounts post-November 8, when Prime Minister Narendra Modi announced the demonetisation of ₹500 and ₹1,000 notes. “The Department is checking the records of the bank as part of a survey operation. There are some instances under scanner where huge deposits have been made post the currency scrap and that is being probed,” an official said.

Axis Bank said it is cooperating with the agency.

The officials added that the taxman was probing some accounts which were dubious as they were opened by allegedly using fake Know Your Customer (KYC) documents and it was suspected some entry operators used the accounts to deposit funds.

The amount under scanner is understood to be around ₹100 crore, they said.

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Published on December 09, 2016
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