I-T cell finds Rs 40 crore deposit in banned notes at Delhi bank

NEW DELHI: In the largest seizure of unaccounted money since demonetisation, the income tax department has found that around Rs 40 crore was deposited inbanned currency notes of Rs 500 and Rs 1,000+ at the Kashmere Gate branch of Axis Bank in New Delhi.

The national capital is turning out to be the biggest den of black money with I-T intelligence suspecting that more banks are involved in such money laundering rackets, at a much larger scale. Authorities are also keeping a watch on close associates of some politicians, bureaucrats and industrialists.

The Axis Bank branch and the premises of two of its managers were searched by I-T officials in the last three days and cash and documents were seized, sources said.

A racket has been unearthed operating from old Delhi and Laxmi Nagar areas where some jewellers and entry operators were found collecting and depositing unaccounted money in banks+ in connivance with bank officials. In the Axis Bank case, the managers were allegedly paid Rs 40 lakh to facilitate ‘under-the-counter’ transactions, sources said.
The illegal notes were deposited in three newly-opened accounts in the Axis Bank branch between November 11 and 22, sources said. The deposits in three accounts amounted to Rs 39.26 crore which were later transferred out of the bank to other accounts through electronic transfers (RTGS), converting the entire unaccounted money into white.

The interrogation of three accused revealed that the bank managers extended special counter facility beyond banking hours for deposits of the banned currency notes.

However, Axis Bank’s official spokesperson said, “The deposits were made in the existing accounts of our customer at Kashmere Gate branch, Delhi.”

Source: http://timesofindia.indiatimes.com/

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Post

Notice : The source URLs cited in the news/article might be only valid on the date the news/article was published. Most of them may become invalid from a day to a few months later. When a URL fails to work, you may go to the top level of the sources website and search for the news/article.

Disclaimer : The news/article published are collected from various sources and responsibility of news/article lies solely on the source itself. Vedic Upasana Peeth or its website is not in anyway connected nor it is responsible for the news/article content presented here. ​Opinions expressed in this article are the authors personal opinions. Information, facts or opinions shared by the Author do not reflect the views of Vedic Upasana Peeth and Vedic Upasana Peeth is not responsible or liable for the same. The Author is responsible for accuracy, completeness, suitability and validity of any information in this article. ​
© 2021. Vedic Upasna. All rights reserved. Origin IT Solution