ED Raids Axis Bank’s Ahmedabad Branch, 89Cr Under Scanner

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Ahmedabad: There seems to be no end in sight to the woes of private sector Axis Bank. According to a report in India Today, the bank’s Ahmedabad branch has now been raided and the Enforcement Directorate (ED) has put transactions worth Rs 89 crore under scanner.

The raid was conducted at Mayamnagar branch of the bank and the ED scrutinised 19 accounts, the report said.

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According to I-T officials quoted in the report, these accounts, which allegedly have lax KYC compliance, saw Rs 89 crore worth of investment after the demonetisation announcement, and the amount was later transferred to beneficiary accounts. Four bank officials are also under the scanner, said the report.

The bank had been in the news in the last few days after authorities found certain branches had opened fake accounts to help tax cheats to launder their ill-gotten wealth.

The ED has already registered a money laundering case in the alleged forging of a customer’s identity to conduct huge illegal transactions in the branch of Noida for conversion of black money into white post demonetisation.

According to I-T officials quoted in the report, these accounts, which allegedly have lax KYC compliance, saw Rs 89 crore worth of investment after the demonetisation announcement, and the amount was later transferred to beneficiary accounts. Four bank officials are also under the scanner, said the report.

The bank had been in the news in the last few days after authorities found certain branches had opened fake accounts to help tax cheats to launder their ill-gotten wealth.

The ED has already registered a money laundering case in the alleged forging of a customer’s identity to conduct huge illegal transactions in the branch of Noida for conversion of black money into white post demonetisation.

The bank, according to a PTI report, had suspended 24 employees and 50 accounts after the I-T raids unearthed such illegal activities.

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