On December 5, Enforcement Directorate (ED) officials had arrested two Axis Bank managers in New Delhi as part of its investigation in a racket involved in illegal conversion of currency notes. (Photo: File)

New Delhi: The Income Tax Department raided the Noida Sector 51 branch of Axis Bank on Thursday, and found that 20 fake companies had deposited over Rs 60 crore in the bank after demonetisation.

This is the third time that a branch of the bank has been raided by I-T sleuths.

On December 5, Enforcement Directorate (ED) officials had arrested two Axis Bank managers in New Delhi as part of its investigation in a racket involved in illegal conversion of currency notes.

Last week, the department had found 44 fake accounts in one of Axis Bank’s Delhi branches, where around Rs 100 crore in old notes were deposited after the demonetisation announcement.

The accounts were allegedly opened by submitting fake KYC documents.