HDFC Securities suspends employee involved in illegal exchange of banned notes

HDFC Securities is a brokerage firm and a subsidiary of HDFC Bank.

HDFC Securities on Sunday said it has suspended its employee after he was arrested by the Chandigarh police for alleged involvement in unauthorised exchange of banned currency notes. The company in a statement said that one of its employees posted at Mohali was arrested in Chandigarh for his alleged involvement in unauthorised money exchange.

“The employee has been put under suspension under immediate effect pending investigation. HDFC Securities is extending its full cooperation and support to the authorities as they conduct their investigation,” said a spokesman in a release. The employee was accused of exchanging the demonetised currency of city-based cloth merchant by charging hefty commission.

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The Enforcement Directorate had raided the house of cloth merchant here on December 13 and had seized Rs 2.19 crore of cash, including 17.74 lakh in Rs 2,000 denomination and Rs 12,500 in Rs 500 denomination. After the arrest of cloth merchant, the police apprehended the employee for allegedly exchanging the money.

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“We emphasise that the company has a zero-tolerance policy for any staff misconduct or deviation from its clearly defined processes,” said the release.

HDFC Securities is a brokerage firm and a subsidiary of HDFC Bank. On December 3, private sector lender HDFC Bank had sacked its four employees, including a branch manager, posted here, for allegedly indulging in “unauthorised” exchange of demonetized notes with new currency.

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