I-T department finds Rs 40cr deposited in old notes in an Axis Bank branch; on a lookout for more such rackets
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In a shocking news, the Income Tax (I-T) Department found out that Rs 40 crore were deposited in a branch on The Rs 40 crore were deposited in banned notes. . Authorities are now keeping a close watch on associates of some politicians, bureaucrats and industrialists.
Post this event, the I-T officials searched the premises of two of its managers along with the axis bank, in the last three days and cash and documents were seized.
The racket has been uncovered and is said to be operating from old Delhi and
In the Axis Bank case, the managers were allegedly paid Rs 40 lakh to facilitate 'under-the-counter' transactions.
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According to sources, the illegal notes were deposited in three newly-opened accounts in the Axis Bank branch between November 11 and 22.
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, the official spokesperson from Axis Bank said, "The deposits were made in the existing accounts of our customer at
(image: IndiaTimes)
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