ED arrests manager of Kotak Mahindra branch in Delhi for illegal conversion of old currency

By: ABP News Bureau
Updated: 28 Dec 2016 10:37 AM
New Delhi: In the ongoing crackdown against black money, the manager of Kotak Mahindra Bank was arrested by the Enforcement Directorate on Tuesday in a criminal case of detection of nine alleged fake accounts with deposits worth Rs 34 crore post demonetisation.

The manager of the New Delhi's Kasturba Gandhi Marg branch of Kotak Mahindra Bank was arrested in connection with a money laundering case.


The manager allegedly was involved in the illegal conversion of money in the Paras Mal Lodha and Rohit Tandon cases.

Officials said the agency arrested the manager of the bank's branch in the K G Marg area here, 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 Enforcement Directorate took on the case and registered an FIR under PMLA laws after taking cognisance of Delhi Polices' crime branch FIR in the said case.

The arrest has been made by the Enforcement Directorate who has been on the move ever since Prime Minister Narendra Modi on November 8 announced the scrapping of old Rs 500 and Rs 1000 currency notes.

Kolkata-based businessman Paras Mal Lodha was already arrested by the police on November 21 in Mumbai by the Enforcement Directorate in connection with alleged conversion of old currency notes worth Rs 25 crore.

Allegedly, Lodha was the man who converted old currency notes to new in Shekhar reddy and Rohit Tandon cases.

The Income Tax department recently seized 127 kg of gold and cash totalling Rs 106 crore in old 500 and 1,000 rupee notes and Rs 34 crore in new currency from businessmen Shekhar Reddy, Srinivasalu and Prem.

Reddy, a contractor, had reportedly executed a lot of work for the Tamil Nadu government.

While cash amount of Rs 13.5 crores was seized from lawyer Rohit Tandon.

Two days after Prime Minister Narendra Modi announced scrapping of Rs 500 and Rs 1,000 notes to curb corruption and black money, the Income-Tax department raided several hawala dealers and jewellers across the country for cutting barter deals with people to convert invalid currency notes into valid legal tender.



(With inputs from PTI)

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