Kotak Mahindra issues statement, says bank has 'zero tolerance' towards employees not adhering to rules

By: ABP News Bureau
Updated: 28 Dec 2016 12:20 PM
New Delhi: Kotak Mahindra Bank has issued a media statement on Wednesday saying, "Kotak Mahindra Bank had proactively informed Financial Intelligence Unit (FIU) and the Bank has already suspended the services of its employee".

“With reference to the ongoing investigation of the said accounts, Kotak Mahindra Bank had proactively informed Financial Intelligence Unit (FIU) and the Bank has already suspended the services of its employee Ashish Kumar," Rohit Rao, spokesperson, Kotak Mahindra Bank said.


"The Bank has zero tolerance towards employees not adhering to its Code of Conduct, and takes strict measures against them. The Bank confirms that it has a robust system of regularly and proactively filing necessary reports with the FIU for all large transactions," Rao said.

"The Bank has on record all necessary KYC documents, including PAN card. The Bank on its own, on observing the nature of transactions in these accounts, proactively filed a report with FIU for further investigations well in time. On subsequent investigation by the Income Tax authorities, the Bank, as per their instructions, has deposited the entire amount that was credited with these accounts with the Income Tax department," he added.

"As can be seen from the Bank’s actions, the Bank has fully cooperated and communicated with the relevant authorities, and has demonstrated the highest standards of compliance, and the Bank will continue to do so”, spokesperson added.

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.

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