The Income Tax (IT) department has unearthed 44 fake accounts during a raid at an Axis Bank branch in central Delhi`s Chandni Chowk area, officials said on Friday.

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An IT official said that about Rs 100 crore were deposited in these accounts with withdrawn currency notes since November 8 -- when Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1,000 currency notes.

"These 44 fake accounts were created using forged documents. We suspect that the money may have been routed to buy gold," said the official.

Meanwhile, Axis Bank issued a statement in which it said that strict action will be taken in the matter.

"The bank is committed to following the highest standards of corporate governance and has zero tolerance towards any deviation on the part of any of its employees from the set model code of conduct. Strict action will be taken against any employee found deviating from the guideline. We would also like to add that we are cooperating with the investigating agencies," Axis Bank spokesperson said.

This is the second raid at an Axis Bank branch following the demonetisation decision, and IT official said they found a total Rs 450 crore deposited in the branch since November 8.

The IT department had in November caught two persons leaving an Axis Bank branch at north Delhi`s Kashmere Gate with new currency notes worth Rs 3.5 crore.

The government has permitted deposit of the withdrawn currency notes of Rs 500 and Rs 1,000 till December 30. It has warned of high penalties if people are found depositing larger amounts without informing the IT department.