Telangana News

Another branch of Axis bank has been nailed down by income tax vigilance unit, for involving in malpractice, after demonetization.

The officials found over 100 accounts at an Axis Bank branch in Noida sector-51. These accounts belong to about 20 fake companies. Over Rs. 60 crores was deposited in these accounts after the note ban. 

After examining these accounts, the officials raised a jeweller's location. The jeweler is said to have sold gold bricks worth Rs 600 crore. Even several suspected fake companies were examined, where a majority of shareholders and investors were found to be laborers, daily wagers and people from low income groups.

The IT officials have recovered a huge number of receipts, documents, order registers, phone numbers and addresses, where gold was delivered. They have seized RTGS data from Axis Bank through which they will identify other jewellers and individuals who could be involved in this illegal transactions. 

In the wake of reports against the Axis bank, RBI is likely to send a notice to it, seeking clarification on emerging cases of fake accounts in various branches and black money deposit/ exchange though these accounts.