Axis Bank Ltd officials involved in illegal cash deposit. The CBI carried out searches at 16 locations in Ahmedabad after booking 12 people, including Axis bank employees, for alleged illegal cash deposits of around Rs 100 crore per demonetization.
The cash deposits of Rs 100.57 crore in purported shell companies accounts in Axis Banks Memnagar branch in Ahmedabad were in violation of RBI notifications issued after November 8 last year, when the government, in a sudden move, scrapped Rs 1,000 and Rs 500 notes.
Since, the CBI has booked branch manager Yasha Mehta, operations head Ahbhimanyu Singh Naruka and customers relations officer Rita Kumar and nine others, including the cash handlers.
Investigation of Axis Bank Ltd Case
The agency teams swooped down on 16 locations in Ahmedabad at offices and residences of the accused.
There were three groups of cash handlers. They deposited demonetised Rs 1,000 and Rs 500 notes in the accounts of purported shell companies at the bank.
R K Gaur alleged that notes deposited by a group of people in lending accounts.Hence, it helped the branch manager and other bank officials.
The first group was Sanjay Manu Soni, Saurin Soni and Sameer. The second was Himanshu Agarwal, Jaideep, J D Shroff and Afzal. The third was Kiran Parekh and Hitesh Parekh, he said.
The bank officials took action against the huge amount of the unauthorised transactions that are taking place. Therefore, it took place in November and December.
The owners of shell companies and those used for depositing huge amount regarded as people of no means. and whose profile was non-commensurate with the quantum of such huge suspicious deposits, the FIR said.
The accused were creating such accounts for “lending” purposes for depositing cash on commission basis and converting black money into white, they said, adding huge cash deposits were made in the bank several times during a day by one person. It alleged that the first group of cash handlers deposited Rs 55.70 crore. Hence, the second group deposited Rs 41.62 crore and third group Rs 3.25 crore.
A huge amount deposited in the form of cash .Therefore, it submitted multiple deposit slips in one go. The value was less than Rs Nine Lakhs.
Final Word regarding the Axis Bank Ltd Case
The cash deposit slipped approximately for Rs. 13 crore. It alleged that cash deposit slips of approximately Rs 13 crore not available with the Axis Bank Ltd.
The Axis Bank Ltd officials failed to disclose the unaccounted wealth. The government had declared amnesty schemes. It converted the black money to white. Hence, it misused the banking channels.
