Published On : Fri, Dec 23rd, 2016

After Axis Bank, Kotak Mahindra Under I-T Lens For Fake Accounts

kotak-mahindraAfter Axis Bank, Kotak Mahindra bank came under the Income Tax (I-T) scanner on Friday with several fake accounts emerging, CNN News18 reported.

Fake accounts worth Rs 70 crore were found in their Kasturba Gandhi Marg branch in New Delhi. The accounts were in the name of Ramesh Chand and Raj Kumar.

Kotak Mahindra Bank has, however, denied the existence of fake accounts and said that these two people had filed their necessary Know Your Customer (KYC) papers.

Talking to ANI, Rohit Rao, Kotak Mahindra Bank’s spokesperson said that the I-T department did visit its KG Marg branch to investigate two of its customers and had questioned the branch manager.

He added that no report was submitted by the I-T department on the two customers and said that the bank was extending its full support.