Demonetisation: ED arrests two Axis bank officers

December 05, 2016 10:54

The Enforcement Directorate has arrested two officials of Axis bank in New Delhi in connection with its money laundering probe for alleged irregularities in the conversion of old currency and supply of new notes leading to blackmoney generation.

Officials identified the two managers as Shobit Sinha and Vineet Sinha, working as managers in the Kashmere Gate branch of Axis bank, and said they were arrested late Sunday under the provisions of the Prevention of Money Laundering Act.

They will be produced in a court today for further custody, they said.

A gold bar, part of alleged kickbacks payment given to the bankers, has been seized by the agency from a location in Lucknow, they said.

The Axis Bank issued a statement in this regard saying: "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.In this particular case, the bank has suspended the erring employee and is cooperating with the investigating agencies."

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