December 21, 2016
After reports had surfaced that fake accounts were discovered at numerous branches of Indian financial institution Axis Bank, the company’s internal audit unit found more fraudulent activity.
Following a forensic audit, 23 fake accounts were discovered, with cash deposits of 450 million rupees (over $6 million) that were made in each of the accounts.
The bank shared the information with the Income Tax department, which has launched an investigation into the beneficiaries tied to these fake accounts.
Axis bank has faced recent scrutiny related to a money laundering case where illegal transactions were made at its Noida branch.