Money laundering case: ED arrests Kotak bank manager in Delhi

Officials said the agency arrested the manager of the bank's branch in the KG Marg area, late Tuesday night after questioning.

By: PTI | New Delhi | Updated: December 28, 2016 12:42 pm
Enforcement Directorate, ED, ED arrest, money laundering case, Kotak bank manager arrest, note ban, demonetisation, Delhi bank manager arrest, india news, latest news, indian express 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.

ED has arrested a manager of a Kotak Bank branch here in connection with its money laundering probe in a criminal case of detection of nine alleged fake accounts with deposits worth Rs 34 crore post demonetisation. Officials said the agency arrested the manager of the bank’s branch in the K G Marg area, late Tuesday 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.

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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.

Police had also arrested two persons last week for allegedly depositing black money worth Rs 34 crore in nine fake accounts being operated in the Naya Bazar branch of the said bank here.

A bank spokesperson had then said in a statement that it “confirms that it has a robust system of regularly and proactively filing necessary reports with the statutory authorities as prescribed by them, which include these accounts.

“The Bank denies that there were any fake accounts.The Bank is extending full cooperation to the investigating authorities,” the spokesperson said.

Meanwhile, Kotak Mahindra Bank issued a statement saying the said employee has been suspended on account of ongoing investigations.

“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,” said a spokesperson for the Kotak Mahindra.

“The Bank has zero tolerance towards employees not adhering to its Code of Conduct, and takes strict measures against them,” the official statement read.

In the statement, the bank assured it “has a robust system of regularly and proactively filing necessary reports with the FIU for all large transactions” and that Kotak Mahindra “keeps record of all the necessary bank documents”.

The statement also assures that Kotak Mahindra Bank has been fully cooperating with the relevant authorities, and “has demonstrated the highest standards of compliance”.

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