Axis Bank's Noida branch raided, over Rs 60 crore found in fake accounts

New Delhi: Amid a series of raids conducted all across the country by Income Tax Department officials to seize black money, the latest crackdown is on the Axis Bank branch located in Noida.

As per reports, Axis Bank branch in sector 51 of Noida was raided. Twenty shell accounts were found which were used to launder black money. These fake accounts were specifically created to launder black money. Over Rs 60 crore was recovered.

Earlier on November 25, Income Tax department had raided the Kashmere Gate branch of Axis Bank in Delhi. The raids were conducted after two people were held with Rs 3.5 crore new notes.

The bank had suspended 19 officials including 6 of Kashmere Gate branch of Delhi itself.