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Income Tax Department Finds 12 Fake Accounts In Delhi's Krishna Nagar Axis Branch

IT was able to trace these fake companies as black money evaders had used multiple branches of Axis Bank for transactions.

16/12/2016 10:49 AM IST | Updated 16/12/2016 11:18 AM IST
Vivek Prakash / Reuters
An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai July 17, 2012. Axis Bank, India's third largest private lender, posted a 22.5 percent rise in June quarter net profit, meeting street expectations. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS)

NEW DELHI -- The Income Tax (IT) department on Friday found 12 fake accounts in Krishna Nagar Branch of Axis Bank in New Delhi.

Sources said, the IT was able to trace these fake companies as black money evaders had used multiple branches of Axis Bank for transactions.

This is part of the search operation conducted by the Noida unit of Income Tax.

The Income Tax department is trying to analyse the quantum of transactions through these fake companies.

The Enforcement Directorate is in touch with the IT team and have started their investigation.

The Income Tax department on Thursday raided Noida Axis Bank branch which revealed 20 fake accounts with deposits of ₹60 crores.

On 9 December, a raid on the Chandni Chowk branch of a bank revealed 15 fake accounts with over ₹450 crores in deposits.

The Enforcement Directorate has so far carried out raids on 50 branches of 10 banks across the nation in an attempt to keep a tab on those account holders, who deposited huge amounts at one time.

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