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Axis Bank official among three arrested for money laundering

December 08, 2016 11:16 PM

Punjab News Express
KOLKATA: Three persons, including an Axis Bank official, were arrested by the Central Bureau of Investigation here on Thursday over their alleged involvement in money laundering after demonetisation, an agency official said.

"We have arrested an official of Axis Bank, and two private persons," a CBI spokesperson told IANS.

The three were produced in court, which remanded them to police custody for four days.

The Axis Bank official and a sales tax consultant were earlier held by the Enforcement Directorate after raiding about 15 bank branches in the city over suspicions that bank officials were involved in money laundering.

The ED later handed them over to the CBI, which then arrested a third person - said to be a broker.

"Sanjay Jain, a sales tax consultant, and a bank official from a private bank were held and interrogated overnight by our team. It was suspected that two were involved in money laundering. They were handed over to CBI early in the morning," said an ED official.

"We raided about 14-15 branches of public and private sector banks where crores of rupees were deposited after the announcement of demonetisation," he said.

The agency carried out an enquiry of records of transactions' following allegations that black money was being converted into white after taking commission, he added.

Meanwhile, Axis Bank said it was cooperating with the investigation agencies and promised strict action against any employee found deviating from the set model code of conduct.

"The bank is committed to following the highest standards of corporate governance and has zero tolerance towards any deviation on the part of any of its employees from the set model code of conduct," the bank's official spokesperson said.

"Strict action will be taken against any employee found deviating from the guidelines. We would also like to add that we areA cooperating with the investigating agencies," the spokesperson said.

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