Axis Bank Noida branch raided; I-T dept finds 20 fake accounts with Rs 60 crore

The income tax department has raided the Noida branch of Axis Bank on Thursday, according to an alert from ANI.

ANI also reported that the I-T department found 20 fake accounts in the bank branch with Rs 60 crore deposited in them.

The I-T department had earlier raided the Bank's Chandni Chowk branch in New Delhi, and found 44 fake accounts with Rs 100 crore deposited in them.

The bank has suspended 19 officers for their involvement in illegal activities since demonetization.

The Enforcement Directorate has already arrested two Axis Bank officers for their involvement in illegal activities.

The Bank said it has appointed KPMG to carry out an internal audit.

In an earlier statement, the bank said, "The bank is committed to following the highest standards of corporate governance and has zero tolerance towards any deviation on the part of any of its employees from the set model code of conduct. Strict action will be taken against any employee found deviating from the guideline . We would also like to add that we are cooperating with the investigating agencies."

Axis Bank