Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / India News / Rs.89 crore found in Axis Bank raid
  • India

    Rs.89 crore found in Axis Bank raid

    Written by
    Supriya
    Edited by
    NewsBytes Desk
    Last updated on Dec 22, 2016, 05:41 pm
    Rs.89 crore found in Axis Bank raid
  • On Thursday, deposits of Rs.89 crore were found in 19 suspicious accounts in Axis Bank's Ahmedabad branch.

    According to reports, suspicious irregularities were discovered with the trail of money leading to builders.

    Four bank officials were under Income Tax Department's scrutiny for their involvement.

    Earlier this month, the Axis Bank in Central Delhi's Chandni Chowk was raided and 44 fake accounts were discovered.

  • In this article
    Cracking down on black money Raids at Axis Bank Money laundering with gold bars Fake bank accounts busted in Axis bank How were fake accounts used? Axis Bank's statement Axis bank suspends some accounts, reassures public Axis Bank: Rs.60 crore recovered from fake accounts in Noida Axis Bank MD apologizes for conduct of employees Rs.89 crore found in Axis Bank raid
  • Background

    Cracking down on black money

    Cracking down on black money
    Credits:
  • Since demonetization was announced on November 8, 2016, there have been massive deposits into bank accounts.

    The government subsequently announced that deposits over Rs.2.5 lakh would attract scrutiny.

    A voluntary disclosure scheme was also introduced that allowed people to declare black money while depositing cash by paying 50% penalty.

    However, many tried to subvert regulations via multiple modes including routing money through fake-accounts.

  • Multiple instances

    Raids at Axis Bank

    Raids at Axis Bank
  • Last month, the first raid on a Delhi branch of Axis Bank occurred at Kashmere Gate.

    Income Tax officials had then caught and arrested two people with new notes worth Rs.3.5 crore; allegedly, bank managers had been bribed.

    Recently in Kolkata, the CBI arrested a deputy manager at an Axis Bank branch; he was held for facilitating conversion of black money through fake/bogus accounts.

  • Information

    Money laundering with gold bars

  • Earlier this week, Enforcement Directorate arrested two Axis Bank managers in Delhi and seized 3 kg gold bars as part of a money laundering racket in which old notes were being illegally converted with help from bankers.

  • 09 Dec 2016

    Fake bank accounts busted in Axis bank

    Fake bank accounts busted in Axis bank
    Credits:
  • Nearly four dozen fake bank accounts have been found at an Axis Bank branch in Chandni Chowk, New Delhi.

    A tax raid conducted by the Income-Tax department led to this discovery.

    Initial investigations reveal that these accounts may have been used to route money post the announcement of demonetization on November 8, 2016.

  • Details

    How were fake accounts used?

    How were fake accounts used?
  • According to Income-tax department officials, 44 fake accounts had reportedly been opened on the basis of forged documents at Axis's branch in Chandni Chowk.

    Tax officials have unearthed Rs.100 crore in these fake accounts which they believe had been used to route money to buy gold bullion.

    The connivance of employees of the Chandni Chowk branch is currently suspected.

  • Information

    Axis Bank's statement

  • "The bank is committed to following highest standards of corporate governance and has zero tolerance towards any deviation by any of its employees from set model code of conduct. Strict action will be taken against any employee found deviating from guidelines."

  • 13 Dec 2016

    Axis bank suspends some accounts, reassures public

    Axis bank suspends some accounts, reassures public
  • Axis Bank suspended the accounts of several bullion trades, as part of an "enhanced due diligence" exercise; the firm also hired KPMG to do a forensic audit of suspicious transactions post demonetization.

    Meanwhile Axis Bank also reassured customers that rumors of RBI suspending its license were untrue.

    The RBI also corroborated Axis Bank's statements saying no action was initiated.

  • 15 Dec 2016

    Axis Bank: Rs.60 crore recovered from fake accounts in Noida

    Axis Bank: Rs.60 crore recovered from fake accounts in Noida
  • IT Department officials conducted a raid on Axis Bank's Nodia branch in sector 51.

    Authorities recovered over Rs.60 crore from 20 fake accounts which were created to launder black money; so far, Axis Bank has suspended 19 officials over the recent instances of money laundering through the bank.

    IT department officials did not divulge more details about the raid.

  • 18 Dec 2016

    Axis Bank MD apologizes for conduct of employees

    Axis Bank MD apologizes for conduct of employees
    Credits:
  • Axis Bank MD and CEO Shikha Sharma said she was "embarrassed and upset" over the behavior of Axis Bank employees who had brought disrepute to the bank after IT department unearthed Rs.60 crore from their Noida branch.

    She said the bank had 'proactively identified potentially suspicious accounts".

    Also, the bank had hired KPMG to administer a forensic audit for heightened "diligence and safety measures."

  • 22 Dec 2016

    Rs.89 crore found in Axis Bank raid

    Rs.89 crore found in Axis Bank raid
  • On Thursday, deposits of Rs.89 crore were found in 19 suspicious accounts in Axis Bank's Ahmedabad branch.

    According to reports, suspicious irregularities were discovered with the trail of money leading to builders.

    Four bank officials were under Income Tax Department's scrutiny for their involvement.

    Earlier this month, the Axis Bank in Central Delhi's Chandni Chowk was raided and 44 fake accounts were discovered.

  • Axis Bank
  • Income Tax Department
  • Chandni Chowk
  • Shikha Sharma
  • New Delhi
  •  
Latest News
  • ASCI drafts promotional content guidelines for social media influencers
    ASCI drafts promotional content guidelines for social media influencers
    Business
  • Daft Punk split after 28 years: Details here
    Daft Punk split after 28 years: Details here
    Entertainment
  • Ford Aspire CNG variant spotted testing in India, launch imminent
    Ford Aspire CNG variant spotted testing in India, launch imminent
    Auto
  • Vivo releases Android 11 update for V20 SE in India
    Vivo releases Android 11 update for V20 SE in India
    Science
  • Spotify takes on Tidal with new 'HiFi' lossless audio plan
    Spotify takes on Tidal with new 'HiFi' lossless audio plan
    Science
Trending Topics
ISRO Vaccine Farmers Protest Uttarakhand Glacier Disaster
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love India news?

Subscribe to stay updated.

India Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Indian Premier League Samsung Virat Kohli Rohit Sharma
Cricket News Facebook YouTube Hollywood News WhatsApp Bollywood News ISRO Yoga Honda Batman
Football News BMW Vaccine Reliance Jio OPPO Food News, Healthy Recipes Royal Challengers Bangalore Toyota Fashion Tips Farmers Protest
Mercedes Barcelona La Liga Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics Avengers
Neha Kakkar Premier League Big Bang Theory X-Men
About Us Privacy Policy Terms & Conditions Contact Us News News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021