Submit :
News                      Photos                     Just In                     Debate Topic                     Latest News                    Articles                    Local News                    Blog Posts                     Pictures                    Reviews                    Recipes                    
Axis Bank's woes continue: 12 fake accounts found in Delhi's Krishna Nagar branch
In another controversy involving Axis Bank, today the Income Tax (IT) department has found 12 fake accounts in Krishna Nagar (New Delhi) Branch of the bank.

This comes a day after the IT department raided a branch of the bank in Noida which revealed 20 fake accounts that had deposits of Rs. 60 crores. Earlier, the IT department officials had raided the Chandni Chowk branch of the bank and found 15 fake accounts that had accumulated deposits of Rs 450 crore.

As per reports, the IT department has been conducting the raids after various irregularities in exchange of old notes were detected at three of its branches. To launder money, these accounts are being created using forged documents and money is then deposited in them.

With reports of fake accounts and money laundering coming in, the bank has till now suspended about 50 bank accounts and terminated 25 of its employees. It has also asked accounting firm KPMG to conduct a forensic audit of the bank and assist it in checking illegal transactions by strengthening the bank's mechanism. The bank has said that it expects the report of the forensic audit within 10 days.

Keeping a check on account holders depositing huge amounts of money at one time, the Enforcement Directorate (ED) has carried out raids on 50 branches of 10 banks across the country.

News reports of the bank's license being suspended by the RBI had also surfaced but both the bank as well as the RBI have denied the reports.

Email Id
Verification Code
Email me on reply to my comment
Email me when other CJs comment on this article
Sign in to set your preference
merinews for RTI activists

Not finding what you are looking for? Search here.