Axis Bank takes strong action after I-T raids; suspends 24 employees

Axis Bank, which was raided by the Income Tax Department officials on December 15 and who found twenty fake accounts with deposits amounting to as much as Rs 60 crore, has come down with a heavy hand on the issue. Axis Bank has suspended 24 of its employees this month and 50 of its accounts are under scanner. These accounts were opened in the name of low income workers and labourers. The issue came under the notice of IT department when a jeweller in Noida sold gold worth Rs 600 crore after the November 8 demonetisation announcement, and deposited the money he received at the Noida branch.

Axis Bank has appointed KPMG for its forensic special audit report last week and the audit firm is expected to submit in the next 10 days. Axis Bank appointed KPMG for the special audit as it found certain suspicious transaction s post demonetisation The shares of Axis Bank, on December 16 are trading flat. The scrip as on 10.13 am was trading at Rs 473.45, marginally down by 0.74 per cent.