44 Fake Accounts in Axis Bank Branches! ₹100 Crore Fraud Busted in Delhi.
Introduction: The case involves 44 fraudulent bank accounts created by the Axis bank itself.
Company Details: It is India’s third largest private sector bank. Founded in 1993, the former UTI Bank has its headquarters in Mumbai. Ahmadabad is the registered office.
Case Details:
• In a raid, Income Tax officers allegedly discovered 44 fake accounts at an Axis Bank branch in central Delhi’s Chandni Chowk. Tax officials said that since November 8 2016, when Prime Minister Narendra Modi banned 500- and 1000-rupee notes to combat black money and money laundering, approximately 100 crores in old notes had been deposited in these accounts.
• According to officials, 450 crores had been deposited in the branch since the ban was announced. The 44 bogus accounts, they claimed, were set up with forged documents, and investigators believe the funds were used to purchase gold.
• The bank is committed to upholding the highest standards of corporate governance and has zero tolerance for any deviation from the model code of conduct on the part of any of its employees.
• This is the second raid at an Axis Bank branch in Delhi since the notes ban. On October 2016 Delhi Police apprehended two people with 3.5 crore in new currency as they exited the bank’s Kashmere Gate branch.
• Following the Prime Minister’s surprise announcement that high-value currency would be phased out, the government had allowed people to deposit the banned 500- and 1000-rupee notes in bank accounts until December 30 2016.
• The government had also given people who have old black notes or untaxed money one last chance to deposit them in their accounts and pay a 50% tax plus penalty. It warned that if tax officials discover deposits made without their knowledge, they will face a much larger fine.
