Ever since demonetisation was announced, especially the private sectors banks have been in news for malpractices every now and then. There have been some major incidents where bank officials have been found assisting illegal deposits to various accounts.

Now, one more incident has come to light wherein the I-T department has raided a branch of Axis bank in Chandni Chowk area of Delhi and unearthed “44 fake accounts”, unbelievable, isn’t it?

According to Enforcement Directorate, around 100 crores in old notes have been deposited in these fake accounts since the 8th of November. In all, over 450 crores have been deposited in the same branch since the announcement of demonetization.

Income Tax officials said that those 44 fake accounts are created with the help of forged documents and it is suspected that the money would be routed for buying gold. Also, the accounts which had the money did not follow the mandatory KYC norms.

A spokesperson from Axis Bank says,

“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.”

This is the fourth time that the Enforcement Directorate (ED) have raided an Axis bank branch and found fraudulent activities. This sought of news is raising many questions about the integrity of banks in the people nowadays.

Here are some of the major incidents where bank officials have been found assisting illegal deposits to various accounts.

Axis Bank, Kashmiri Gate, Delhi

1. On December 5, the Enforcement Directorate arrested two Axis Bank managers and seized 3kg of gold bars in connection with its money laundering probe in a racket of illegally converting old notes in connivance with banking authorities.

2. Earlier also, two people were caught at the bank’s branch in Kashmiri Gate, as they were carrying currency worth Rs 3.5 crores(In new notes).

3. Also last week, 2 managers of Axis bank’s Kashmere Gate branch were caught for converting Rs 40 crores black money to white.

Axis Bank, West Bengal

4. In West Bengal too, an official of Axis Bank was arrested for converting black money to white with bogus company accounts. Around Rs 7 crores were deposited.

Let’s see what action is taken; it is good that such a big scam has been unearthed instead of being neglected. What do you think of this story? Let us know your views in our comments section below.

News Source: Hindustan times

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