Millennium Post

Axis bank officials sent to judicial custody

A court here sent Axis Bank’s suspended manager (operations) and a man, who were arrested in the case of alleged irregularities in conversion of demonetised notes, to judicial custody till December 26. Additional Sessions Judge V K Yadav on Thursday remanded suspended manager (operations) Vineet Gupta and a man named Rajeev Singh Kushwaha in judicial custody after they were presented before him on expiry of Enforcement Directorate’s (ED) custody. 

Gupta, branch manger Shobit Sinha and Kushwaha, who is a practicing accountant, were arrested in a money laundering case at Axis Bank’s Kashmere Gate branch. The court on Monday sent Sinha to 14-day judicial custody. The three were accused of converting about Rs 40 crore in demonetised notes into gold through banking channels and are booked under the provisions of the Prevention of Money Laundering Act (PMLA). According to the ED, Gupta and Kushwaha were allegedly involved in converting black money.
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