The ED has arrested the manager of a Kotak Bank branch here in connection with its money laundering probe in a case of detection of nine alleged fake accounts with deposits worth Rs 34 crore post demonetisation. Officials said the agency arrested the Manager of the bank's branch in the K G Marg area here, identified as Ashish Kumar, late last night after questioning.


"The Manager has been arrested under the provisions of the Prevention of Money Laundering Act and will be produced before the court for further custody," they said. The bank in its statement said it has already "suspended the services" of Kumar. "With reference to the ongoing investigation of the said accounts, Kotak Mahindra Bank had proactively informed Financial Intelligence Unit and the bank has already suspended the services of its employee Ashish Kumar. "The bank has zero tolerance towards employees not adhering to its Code of Conduct, and takes strict measures against them," Kotak Mahindra spokesperson Rohit Rao said.