Around Rs, 40 crore in banned currency of Rs 500 and Rs 100 has found by the Income Tax department which was deposited at the Axis Bank Branch situated in Kashmere Gate in New Delhi. It is considered as the largest seizure of unaccounted cash since the government had announced demonetization move on November 8. The Axis Bank branch and premises of two of its managers were searched by the sleuths of income tax department.
I-t intelligence suspects the involvement of more banks in money laundering
On the other hand, I-T intelligence suspects that there are a lot of banks involved in such money laundering rackets at a larger scale. In the case of Axis Bank, the managers were allegedly paid Rs40 lakh to facilitate the transaction. At the same time, the national capital is turning out to be a cave of black cash. On the other hand, authorities have become alert to monitor banks’ operation, politicians, and bureaucrats.
Total amount transferred through election transactions to convert
The banned currency notes were deposited in three new accounts in the Axis Bank case. The transaction took place between November 11 and 22, sources said. The total amount of Rs 39.26crore had deposited which later transferred out of the bank through electronic transactions converting the black money to white.
It came to light that the bank managers extended special counter facility beyond the banking hours for depositing the black money told the three accused in interrogation by the authorities. But the spokesperson of Axis Bank said.” The deposits were made in the existing accounts of our customer at Kashmere Gate branch, Delhi”.