I-T raid in Kotak Mahindra, Bank denies fake accounts

The Bank denies that there were any fake accounts

The Income Tax Department on Friday questioned the manager of a Kotak Mahindra Bank branch in Delhi in connection with two of its customer accounts, officials said.

According to a police official, a "raid" was conducted in the morning on the Kasturba Gandhi Marg branch in the heart of Delhi.

Rohit Rao, official spokesperson of Kotak Mahindra Bank, said in a statement:“Income Tax Department had visited one of the bank’s branches in New Delhi, in connection with survey on two account holders. No KYC deficiencies were noted in these two account holders. The Bank opens new accounts for customers after strictly adhering to the KYC norms as prescribed by RBI. The Income Tax department did question the Branch Manager and no adverse report has been submitted to the Bank so far. The Bank confirms that it has a robust system of regularly and proactively filing necessary reports with the statutory authorities as prescribed by them, which include these accounts. The Bank denies that there were any fake accounts. The Bank is extending full cooperation to the investigating authorities.” Rohit Rao, Spokesperson, Kotak Mahindra Bank

SOURCE: ANI

It was earlier reported that fake accounts worth Rs.70 crore were found in the bank's Kasturba Gandhi Marg branch in New Delhi. The "suspect" accounts were in the name of Ramesh Chand and Raj Kumar.

The bank in its statement said, "No KYC (Know Your Customer) deficiencies were noted in these two customers. The income tax department did question the branch manager and no adverse report has been submitted to the bank so far.