Axis Bank money laundering case: Chartered accountant held

Sources identified the CA as Rajeev Kushwaha who has been arrested under the provisions of the Prevention of Money Laundering Act.

By: Express News Service | New Delhi | Published:December 8, 2016 3:45 am

Following up on its action against bank managers of Axis Bank who helped several people launder money in exchange for gold, the ED on Wednesday arrested a chartered accountant (CA) for allegedly being a major cog in this money laundering wheel. Sources identified the CA as Rajeev Kushwaha who has been arrested under the provisions of the Prevention of Money Laundering Act.

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Sources identified Kushwaha as one of the three “entry operators” involved in the case. He was arrested as he was not cooperating with the agency, sources said.

The agency, on December 4, had arrested two Axis Bank Managers — working at the Kashmere Gate branch here — in the same case. While explaining the modus operandi, the agency had underlined the role of the CA and his associates. The cash collected by sale of gold using demonetised Rs 500/100 notes, it said, was “laundered through banking channels with the help of money launderers who are CAs”.

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