I-T cell finds Rs 40 crore deposit in banned notes at Delhi bank

NEW DELHI: In the largest seizure of unaccounted money since demonetisation, the income tax department has found that around Rs 40 crore was deposited in banned currency notes of Rs 500 and Rs 1,000+ at the Kashmere Gate branch of Axis Bank in New Delhi.

The national capital is turning out to be the biggest den of black money with I-T intelligence suspecting that more banks are involved in such money laundering rackets, at a much larger scale. Authorities are also keeping a watch on close associates of some politicians, bureaucrats and industrialists.

The Axis Bank branch and the premises of two of its managers were searched by I-T officials in the last three days and cash and documents were seized, sources said.