Axis Bank suspends two managers arrested by ED under PMLA Act

New Delhi [India], Dec. 5: Axis Bank suspended two of its managers on Monday. They were arrested by the Enforcement Directorate under the Prevention of Money Laundering Act (PMLA) case for their alleged involvement in settling of unaccounted money.

The accused officials will be produced before the Tees Hazari court at around 2 pm today for further interrogation.

Both managers had allegedly taken gold bricks as bribe to convert Rs 40 crore black money into white. One of the gold bricks was recovered from Lucknow. Money from three bank accounts was transferred to jewellers via RTGS mode of payment to buy gold. The jewellers sold the gold at 45,000 rupees per tola whereas the market price was much lower. The ED is probing the case and initiated an investigation into matter to unmask the other people, involved in the corruption.

Source: ANI