The Axis bank seems to have become a hub of black money exchange ever since demonetization was announced. Since almost one month Axis bank has been caught numerous times converting black money to white. In the past one week, Axis bank was raided three times, in different branches of Delhi where the IT department found over 44 fake accounts in which they recovered 100 crores of unaccounted money.
The 44 fake accounts, may have been created using forged documents and investigators suspect that the money may have been routed to buy gold. Just few days before, the IT department caught officials of Axis Bank carrying 3.5 crore in new notes without documents in the Kashmere Gate branch, Delhi.
After the repeated raids, the IT department today again got information that gold worth 600 crores was sold in Noida and the money was deposited in the Noida Axis Bank branch. The IT department immediately conducted raids in which they found 20 fake accounts and 60 crores deposited in without any documents. The IT department has seized the money and questioned the bank managers who seem to have involved in the black money racket.
The worst part is all these accounts were opened recently in names of fake labourers and workers, but was being used by politicians and companies to turn their black money white. According to the reports, there was systematic deposits made and particular patter followed for depositing money in all the newly opened fake accounts.
Interestingly all the Axis bank raided happens to be Delhi branches which puts questions on involvement of politicians in the black money racket.
The Enforcement Directorate officials have arrested two bank managers who were linked to the black money racket and 19 officials have been suspended by the Axis bank. It is because of such criminals, the society is facing cash crunch. Many bank officials are helping the influential people and politicians to get their black money exchanged which is creating artificial shortage of currencies in the market. The 100 and 500 rupee notes are being stacked up by corrupts which is only making common people run out of small denominations.
If you ever wonder why common people are not getting new notes, This is the reason….All politicians and Babus are literally stacking up new notes in crores. This definitely cannot be done without the help of bank managers!!!
Ever since the Axis Bank has been in news for all wrong reasons, there were also rumors being spread on social media that license of the Axis bank were to be cancelled which resulted in the huge crash of their stocks in the market. Many people closed their accounts and withdrew shares fearing loss after Axis Bank was caught in IT raids.
However the RBI issued notice that there were no plans of cancelling the license of the bank. But they further added that all investigation were underway and the culprits involved in black money exchange will be soon caught.