Axis Bank becomes target of outrage and ridicule after multiple raids

Since demonetisation, apart from being busy with customers wanting to withdraw or exchange notes, Axis Bank employees have been busy with the tax officials and police officers. In one raid after another, authorities have discovered numerous dubious dealings by the bank, such as:

  • 25th November: Taxmen scrutinized documents and interrogated a few officials at the Kashmere Gate branch in Delhi after two people carrying Rs. 3.5 crores were intercepted by the police.
  • 5th December: Two bank managers were arrested after 3 Kg gold was found in their possession. The ED found that huge amounts were transferred via RTGS to some shell companies including a company where the Director of such a firm was a “petty labourer”.
  • 9th December: Officials in a raid at its Chandni Chowk branch found 44 fake accounts where over 100 crores rupees were deposited.
  • 15th December: In a raid at a branch in Noida, officials found over 60 crores rupees deposited in 20 fake accounts.

Apart from all this, what didn’t help matters was a rumour spreading about the possibility of Axis Bank’s licence getting revoked. There were reports linking the Aam Aadmi party to the bank for receiving dubious donations. Add to all this, it was found out that the bank also had its security breached in a cyber attack this October.

Axis Bank, though, is no stranger to financial wrongdoings or controversies. For example:

  • In 2013, Axis Bank along with banks like ICICI, HDFC was named in a sting operation as being a co-conspirator in a nationwide money laundering exercise. In the aftermath of the expose, the RBI had fined the bank for violating customer identification and anti-money laundering norms.
  • In 2015, a forex scam to the tune of Rs 500 crores was uncovered at Axis Bank and Oriental Bank of Commerce. The man in question Manish Jain used to send money to Hong Kong in HSBC Bank and further to China. The money was remitted out of India illegally against the imports that actually never took place. He reportedly had 77 accounts in OBC and 10 in Axis Bank.
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With such a coloured history peppered with the latest reports, the bank has received a lot of flak, especially on Twitter, in recent days:

Some pointed out that the latest round of controversy could be the bank’s biggest PR disaster:

Some expressed outrage:

With so many scams emanating from the Bank, many remembered the days of the UPA:

Some guessed how the bank must have been hiring its managers:

Some imagined the banking experience:

This might appear as real news, but it’s from a satirical news handle:

There was a suggestion for the government:

And a suggestion for media houses too:

Realizing that the events had adversely impacted the image of the bank, finally Axis Bank came up with a statement:

However, away from all this outrage and ridicule, the share price of Axis Bank has only witnessed upward growth in the recent days:

Axis Bank share prices in December 2016
In a parallel universe?

If you can decode the relationship between share prices and the controversy, let us know in the comments section!


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