Income Tax officials have found over Rs 100 crore in 44 bank accounts in Chandni Chowk branch of Axis Bank here in Delhi.
The accounts which had the money did not follow the mandatory KYC norms.
Bank officials are being questioned in connection with these accounts.
Earlier this week, the Enforcement Directorate had arrested two Axis Bank managers and seized 3 kg gold bars in connection with its money laundering probe in a racket of illegally converting old notes in connivance with banking authorities.
The two managers, working at Axis bank’s Kashmere Gate branch here, were arrested under the provisions of PMLA.
The agency’s probe, after it registered a criminal complaint under the Prevention of Money Laundering Act (PMLA) on November 30, found that huge amount of money was transferred through RTGS transfers to some shell companies including a case where the Director of such a firm was a “petty labourer.”
On Thursday, a man acquainted with accounting practices was sent to seven days in Enforcement Directorate (ED) custody by a Delhi court in connection with the case.
After the Prime Minister’s sudden announcement abolishing high value currency, the government has allowed people to deposit the outlawed 500 and 1000 rupee notes in bank accounts till December 30.
It has said that deposits of more than 2.5 lakh will attract scrutiny by the taxman.
The government has also given people with old notes in black or untaxed money a last opportunity to deposit these in their accounts and pay a 50 per cent tax plus penalty. It warned that if tax officials catch deposits made without them being informed, they will have to pay a much heftier fine.