Just after raiding its Noida branch, Income Tax department has conducted raids on Connaught Place branch of Axis Bank.
Two Axis bank officials who were arrested for converting currency, they were sent to judicial custody till December 26 by Delhi court.
The raid at the Noida Sector 51 branch led to the discovery of accounts of 20 fake companies with over Rs 60 crore in them.
Earlier Axis bank branch in Delhi’s Chandni Chowk was raided and 44 fake accounts with Rs 100 crore in them were found.
Bank managers were involved with the fake accounts and reportedly took a commission in gold for the conversion of black money.