Shell Firms: CBI Books Axis Bank Officials For Rs 100 Cr Deposits

Axis Bank has to complete the inquiry within three months and file a report to Sebi within seven days thereafter.

The Central Bureau of Investigation (CBI) on Friday 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 post demonetisation.

The cash deposits of Rs 100.57 crore in purported shell companies' accounts in Axis Bank's Memnagar branch in Ahmedabad were in violation of RBI notifications issued after 8 November last year, when the government, in a sudden move, scrapped Rs 1,000 and Rs 500 notes.

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.

The agency teams swooped down on 16 locations in Ahmedabad at offices and residences of the accused.

There were three groups of cash handlers who were depositing demonetised Rs 1,000 and Rs 500 notes in the accounts of purported shell companies at the bank, CBI sources said.

CBI spokesperson RK Gaur said the notes were allegedly being deposited by a group of people in lending accounts with the help of the branch manager and other bank officials.

The bank officials allegedly abused their position by allowing huge amount of unauthorised transactions in accounts of shell companies between November and December last year, he said.

(With PTI inputs)