I-T officials seize over Rs 60 crore in 20 fake accounts during raids at Axis Bank branch in Noida

The Income Tax (I-T) Department raided an Axis Bank branch in Noida and recovered more than Rs 60 crore from 20 fake accounts.

The amount was deposited after demonetisation announcement on November 08.

As per various reports, deposits were made into these fake accounts that were opened in the names of low-income workers and labourers. I-T officials swung into action after a jeweller in Noida sold gold worth Rs 600 crore and deposited the money at the Noida branch.

This is the third such incident in Axis Bank in Delhi as earlier over Rs 100 crore were found in 44 suspect accounts during a raid at a branch in the Chandni Chowk area of Delhi.

The government had already asked Axis Bank to "set its house in order" after a series of irregularities linked to the exchange of old notes were detected at the country's third-biggest private lender.