Amid currency ban, the income tax ( I-T) department has conducted a search at the Kashmere Gate branch of Axis bank in New Delhi and found that around Rs 40 crore was deposited in banned currency notes since demonetisation.
The I-T department also conducted search operation at the residence of two Axis bank branch managers and seized cash and documents, multiple media reports said.
The search came after two people were caught by Delhi Police with Rs 3.5 crore in new currency notes.
“These two bank officials received old notes worth Rs 30 crore from a hawala operator and converted it for newly minted Rs 500 and Rs 2,000 currency. The bank officials took 30% commission in gold bars,”I-T sources told media.
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 old currencies were deposited in three-newly opened accounts in the Axis bank branch between November 11 and 22. The deposited were later transferred to other accounts through electronic transfers (RTGS), Times of India reported.
Bank managers allegedly extended special counter facility beyond banking hours for depositing the black money. Bank records showed that most of the deposits were made after 6:30 pm when the public dealing ends, News 18 reported.
Authorities suspected that more banks are involved in similar money laundering rackets.
However, an Axis bank source told media that the customers who deposited money has running current account in the bank for past 4 years. He added that the bank was investigating the matter in detail and was fully co-operating with the investigation agencies.