I-T officials find fake accounts, unaccounted cash in Axis Bank Delhi branch

MUMBAI: Income tax officials have found 44 fake accounts with Rs 100 crore deposited through old notes in Axis Bank's Chandni Chowk branch news agencies reported.

This comes days after enforcement directorate seized 3 kg of gold bars from the same bank’s branch in Delhi unearthing a racket for converting old currency in connivance with bank officials.

The accounts were opened using forged documents, officials were quoted as saying.

The bank had suspended nineteen employees across India earlier this week for allegedly being involved in corrupt practices in exchanging currency post demonetisation.

It has also hired consultancy firm KPMG to conduct a forensic audit to strengthen its processes.

Replying to a query from ET an Axis Bank spokesperson 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."