Over Rs 100 crore found in 44 suspect accounts in raids on Delhi's Axis Bank branch

NEW DELHI: Income Tax officials have found over Rs 100 crore in 44 bank accounts in the Chandni Chowk branch of Axis Bank here, according to news agency ANI.

The accounts which had the money did not follow the mandatory KYC norms.

Bank officials are being questioned in connection with these accounts.

Earlier this week, the Enforcement Directorate had arrested two Axis Bank managers and seized 3 kg gold bars in connection with its money laundering probe in a racket of illegally converting old notes in connivance with banking authorities.

The two managers, working at Axis bank's Kashmere Gate branch here, were arrested under the provisions of PMLA.

The agency's probe, after it registered a criminal complaint under the Prevention of Money Laundering Act (PMLA) on November 30, found that huge amount of money was transferred through RTGS transfers to some shell companies including a case where the Director of such a firm was a "petty labourer."

On Thursday, a man acquainted with accounting practices was sent to seven days in Enforcement Directorate (ED) custody by a Delhi court in connection with the case.