After Income Tax Department raided Axis Bank branch in Noida and seized 20 fake accounts with Rs 60 crore on Thursday, the authorities later raided the Connaught Place branch of Axis Bank.
Axis bank has responded to the illegal activities and said:
We applied all our analytical capability to identify accounts that might have exhibited suspicious activity since demonetisation. The bank has also taken the unprecedented step of temporarily suspending some of these accounts under question.
Axis Bank has been in the spotlight in recent weeks for the raids being carried out on it and the fake accounts, black money held with it coming to light.
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The RBI had said, even after several raids of the IT Department, that they will not be cancelling the bank’s license and that it’s “safe”.
Bank managers were also found to have been involved with the fake accounts and reportedly took commission in gold, for the conversion of black money.