Income Tax officers have in a raid allegedly unearthed 44 fake accounts at a branch of Axis Bank in central Delhi's Chandni Chowk. Tax officials said about Rs. 100 crore in old notes have been deposited in these accounts since November 8, when Prime Minister Narendra Modi banned 500 and 1000 rupee notes to combat black money and money laundering.

A total 450 crores have been deposited in the branch since the day that the ban was announced, the officials said.

The 44 fake accounts, they said, had been created using forged documents and investigators suspect that the money may have been routed to buy gold.

"The bank is committed to following the highest standards of corporate governance and has zero tolerance towards any deviation on the part of any of its employees from the set model code of conduct. Strict action will be taken against any employee found deviating from the guideline. We would also like to add that we are cooperating with the investigating agencies," said a spokesperson of Axis Bank.

This is the second raid since the notes ban at an Axis Bank branch in Delhi. Last month, the Delhi Police had caught two people with 3.5 crore in new currency as they came out of the Kashmere Gate branch of the bank, also in central Delhi.

After the Prime Minister's sudden announcement abolishing high value currency, the government has allowed people to deposit the outlawed 500 and 1000 rupee notes in bank accounts till December 30.

It has said that deposits of more than 2.5 lakh will attract scrutiny by the taxman.

The government has also given people with old notes in black or untaxed money a last opportunity to deposit these in their accounts and pay a 50 per cent tax plus penalty. It warned that if tax officials catch deposits made without them being informed, they will have to pay a much bigger fine.

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