Over 200 Crore In New Notes Found In Raids On Banks Across India That Are Helping Launder Black Money

If you're wondering why you never manage to get enough cash from the ATMs anymore, here's a clue - the banks. Corrupt bank officials are allegedly colluding with what has reportedly become an industry of supplying last month's old black money hoarders with new black money. That means less money for you, as money flies out of banks in tens of crores through illicit back channels

Here is how much Income Tax Departments raids has found across India - only from banks.
1. Rs 60 crore: Axis Bank, Noida (15 December)

Account holders create ruckus outside Axis Bank's Sec 51 branch at Noida following an IT raid. Fake accounts with crores found. @htnoidagzb pic.twitter.com/SxkD33hI2R

¡ª Abhishek Anand (@abhishekanandji) December 15, 2016

After a tip-off about a jeweller who sold gold worth Rs. 600 crore, the Income Tax Department unearthed Rs 60 crore from the accounts of 20 shell companies in a raid at an Axis bank branch in sector 51, Noida.

The jeweller's name has not been disclosed by the officials yet.

2. Rs 10 crore: Bank of Maharashtra, Parvati Branch (14 December)

TOI

Income Tax officials made the single biggest seizure of new notes in India after demonetisation, recovering a huge stash of unaccounted cash in Rs 2,000 and Rs 100 banknotes. The money was recovered from multiple lockers held by an American oilfield equipment supplier at the state-owned Bank of Maharashtra's Parvati branch.

3. Rs 1.56 crore: Integral Urban Cooperative Bank, Jaipur (12 December)

wikimapia

The Income Tax department here has seized Rs 1.56 crore, including Rs 1.38 crore in 2,000 rupee notes, from a cooperative bank in Jaipur. Following complaints of irregularities in exchange of notes, the IT department conducted a raid at the Integral Urban Cooperative bank. This includes Rs. 1.38 crore in new notes.

4 Rs 100 crore: Axis Bank, New Delhi (9 December)

Reuters

On the second raid of Axis Bank, the Income Tax Department discovered Rs 100 crore deposited among 44 fake accounts at the bank's Delhi Chandni Chowk branch.

5. Rs. 40 crore, Axis Bank, New Delhi (5 December)

ANI

A network of jewellers converting old Rs.500 and Rs.1000 notes into gold, working with Axis bank officials was busted by Enforcement Directorate officials. Shashank Sinha and Vinit Gupta, managers of Axis Bank's Kashmere Gate branch in Delhi were arrested for allegedly helping cash hoarders deposit over Rs.40 crore in several bank accounts and transfer funds online.