BENGALURU: The Enforcement Directorate (ED) has continued its ‘search and verification’ drive in four banks in different parts of Bengaluru on Wednesday.
According to ED sources, the search operation is part of a nationwide campaign by the agency to verify transactions reported in various banks. On Wednesday, ICICI Bank branch in Malleswaram, Canara Bank on MG Road and two Axis Bank branches, inclulding one at Yelahanka, were searched by the officials.
The purpose of the drive is to monitor high-value transactions that might have occurred post demonetisation. The Directorate is checking whether there is an unnatural spike in transactions reported in a bank branch after November 8. “The spike in transactions might be for reasons beyond the control of the bank employees. If it is not so, the ED will look into the case for any violations,” the source said.
The Directorate will also probe money laundering cases that have been reported, which had occurred allegedly due to the collusion of bank employees with private parties, the source added.