New Delhi: Axis Bank Managers who are currently in Enforcement Directorate net had illegally exchanged old currency worth rupees 40 crores. Traders of old Delhi who amassed black money took benefits of it and exchanged money after giving the commission, ED claimed before City court on Monday.
Tees Hazari Court accepted ED plea and granted them seven days custody of Shobhit Sinha, Manager at Kashmiri gate branch and Vineet Gupta, Manager operations . Additional District Judge inclined with the agency story and said the custodial investigation is necessary to unearth the truth of Black Money owners. The court said Government has taken one initiative and everyone should cooperate in it.
Enforcement Directorate told the court that both the Bank officers were exchanging notes illegally on one percent commission. Three Kilogram gold brick was recovered from the house of accused Vineet. They were using accounts of five company to facilitate the transaction. They had also floated some new companies to further commit the crime.
According to ED RTGS and NEFT transaction were also done in the furtherance of the crime. Total 15 persons involved in the crime, which includes bank officers and businessman. Till now only two accused are arrested. ED has registered a case under Prevention of Money Laundering Act.
Enforcement Directorate started investigating the case after the arrest of some businessman with cash of 3.7 crores by Delhi Police last week. Police had registered a case under the relevant section and roped in ED to check the money transaction tail.
In their investigation, ED found that flow of cash received in old currency and cash given in new currency by the bank officials was inappropriate. It emerged that bank officers were working on the commission for exchanging old notes with the new one.