Income Tax officers on Thursday found Rs 60 core deposited in 20 fake accounts during a raid at an Axis bank branch in Noida’s Sector 51. The accounts had been opened in the names of low-income workers and labourers, officials told The Times of India.

The accounts were being used by companies to cover up black money with the help of bank officials, reported Economic Times. Tax department sleuths raided the branch after reports surfaced that a jeweller in Noida had sold gold worth Rs 600 crore following the Centre’s demonetisation drive. He reportedly deposited the sum at this branch. The Centre had said that one can deposit maximum Rs 2.5 lakh without submitting any document. Any amount greater than that will be examined by tax officials.

The bank said they have taken the unprecedented step of temporarily suspending some of these accounts. “We applied all our analytical capability to identify accounts that might have exhibited suspicious activity since demonetisation,” the bank said in a statement.

This is the third raid on an Axis bank branch since November 8, when the demonetisation drive was announced in a purported effort to fight corruption and black money. On December 9, tax officers had found that more than Rs 100 crore in old Rs 500 and Rs 1,000 notes had been deposited in 44 fake accounts at an Axis Bank branch in Chandni Chowk area. The accounts did not have the mandatory Know Your Customer forms and were opened by submitting forged documents. In November, the Delhi Police had arrested two people with Rs 3.5 crore in new currency when they came out of the Kashmere Gate branch of the bank.

So far, as many as 27 officials of public sector banks have been suspended and six others transferred for violating Reserve Bank of India norms announced after demonetisation. The Union Finance Ministry had also released a statement saying that some officials were found involved in carrying out transactions that were irregular and in violation of the RBI’s instructions.