Axis Bank officials accused in money laundering case sent to judicial custody till Dec 26

Earlier this month, the Enforcement Directorate had arrested the duo in connection with its money laundering probe for alleged irregularities in the conversion of old currency and supply of new notes leading to black money generation.

Axis Bank officials accused in money laundering case sent to judicial custody till Dec 26

Two officials of the Axis Bank, arrested for converting old currency of high-value denomination, have been sent to judicial custody till December 26 by a Delhi Court on Thursday.

The court had, on December 12, extended the police custody of the bank's official, Vineet Gupta, the manager of an Axis Bank branch, for three more days and sent another manager, Shobit Sinha to judicial custody for 14 days.


Earlier this month, the Enforcement Directorate had arrested the duo in connection with its money laundering probe for alleged irregularities in the conversion of old currency and supply of new notes leading to black money generation.

Earlier on December 5, the court had sent the duo to one week remand. The lawyer of Shobit Sinha said that they opposed the seven-day police custody, adding his client cooperated during the investigation. The private bank had earlier suspended the accused officials.

Both managers had allegedly taken gold bricks as bribe to convert Rs. 40 crore black money into white. One of the gold bricks was recovered from Lucknow.

Meanwhile, the Income Tax Department on Thursday raided an Axis Bank branch located in Noida and unearthed deposits worth Rs 60 crore from twenty fake accounts.

TOI quoted its sources as saying that, systematic deposits were made into these accounts that had been opened in the names of low-income workers and labourers.

The report added that the IT department came to know about the accounts, when a jeweller in Noida sold gold worth Rs 600 crores after the November 8 demonetisation announcement, and deposited the money he got at the Noida branch.