According to reports, IT was able to trace these fake companies because black money evaders had mostly used multiple branches of Axis bank for transactions.
It has been more than a month after Narendera Modi announcing that the big currency notes are no more into use which turned the economy up side down in order to control the black money corruption and other illegal activities.Meanwhile, banks that are supposed to facilitate the proper implementation of demonetisation, have now come under the scanner for helping the influential convert black money into white.
About 12 fake accounts have been found in Axis Bank’s Krishna Nagar branch. Before that, over 20 fake companies had their accounts in Axis Bank’s Noida branch and an amount of more than Rs 60 crores were deposited in these accounts. Earlier in December, two Axis Bank managers in New Delhi were arrested by the Enforcement Directorate officials, after they investigated a racket that involved the illegal conversion of currency notes. A Kolkata Axis Bank branch deputy manager was also reportedly arrested for his alleged involvement in converting black money into white through unverified company accounts.
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