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This article is more than 2 year old.

Axis Bank staff under scanner for facilitating benami deals for jewellers, says report

Axis Bank staff under scanner for facilitating benami deals for jewellers, says report
The Income Tax Department is investigating the role of some Axis Bank employees in assisting cash deposits of more than Rs 52 crore and benami transactions for more than six jewellers from Mumbai's Zaveri Bazaar, Business Standard reported, citing sources.
Sources told BS the Prime Minister's Office (PMO) asked tax officials to examine the charges after a complaint was taken to the top office. An internal inquiry has already been conducted regarding the same, the bank told the paper.
"The complaint was against half a dozen jewellers indulging in hawala transactions, money laundering, multi-million cash transactions, high-value cash deposits made in their bank accounts facilitated by an Axis Bank employee named Joel Joseph D'Souza and other staff of the bank," a source was quoted as saying.
The examination of the bank accounts and the records have shown more than Rs 52 crore of undisclosed income, added the source.
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