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I-T raids Axis Bank again; finds Rs 450 crore deposited in 15 fake accounts

Earlier in November, I-T officials had caught two people with Rs 3.5 crore in new currency. These people admitted that they converted money with the help of two of the bank managers.

In yet another raid on Axis Bank, the Income Tax department found Rs 450 crore deposited in 15 fake accounts at the bank's Chandi Chowk branch in New Delhi.

According to reports, I-T sleuths identified at least 15 fake bank accounts. "Rs 100 crore in old notes were deposited in these accounts since November 8," an I-T official reportedly said.

A total Rs 450 crores have been deposited in the branch since the demonetisation was announced, the officials said.

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After demonetisation, this is the second time Income Tax has conducted a raid on Axis Bank.

Earlier in November, I-T officials had caught two people with Rs 3.5 crore in new currency. These people admitted that they converted money with the help of two of the bank managers.

Last week, Axis Bank had suspended its 19 officials who were allegedly involved in illegal activity post demonetisation.