ED arrests 2 bank managers for laundering

The agency’s probe till now, after it registered a criminal complaint under the Prevention of Money Laundering Act (PMLA) on November 30, found that huge monies were transferred through RTGS transfers to some shell companies including a case where the Director of such a firm was a ‘petty labourer.’ “It was also found that directors of other shell companies were also persons of no means,” the ED said in a statement. 

The agency identified the two managers as Shobit Sinha and Vineet Gupta, working at Axis bank’s Kashmere Gate branch here, and said they were arrested late on Sunday under the provisions of PMLA. This is the first time such high ranking bank officials have been arrested for alleged fraud transactions post the currency scrap. They will be produced in a court for further custody, they added. Axis Bank in a statement said it has suspended the officials concerned.