Seven days ED custody for arrested Axis Bank managers

A court here on Monday sent two manager of Axis Bank to the custody of Enforcement Directorate (ED) for seven days, after their arrest for alleged irregularities in conversion of demonetised notes.

New Delhi, Dec 5: A court here on Monday sent two manager of Axis Bank to the custody of Enforcement Directorate (ED) for seven days, after their arrest for alleged irregularities in conversion of demonetised notes.

District Judge Ravinder Kaur sent both managers posted in Kashmere Gate branch of Axis Bank to the ED's custody till December 12.

Allowing the ED's plea seeking custody of Shobit Sinha and Vineet Gupta to interrogate them to nab other persons involved, the court said everyone should cooperate in the ongoing drive to eradicate black money.

The ED had arrested Sinha, branch manager and Gupta, manager (operations) on late Sunday under the provisions of the Prevention of Money Laundering Act (PMLA).

As per the ED, the duo were allegedly involved in converting black money into white by reportedly misusing banking transfer systems like RTGS and NEFT in the wake of the demonetisation of Rs 500 and Rs 1,000.

The ED has also contended its probe revealed that Rs 40 crore worth of currency and several companies were involved in the case and one gold brick worth Rs 39 lakh has been recovered from Sinha and another one is yet to be recovered.

Around 15 persons were involved in the matter and 13 are yet to be arrested and if the custody of the accused is not given to ED, its probe would be hampered, the agency told the court.

IANS