Axis bank suspends 2 managers for converting black money into white

Black Money-wefornews

Delhi, 5 Dec: The Axis Bank has suspended its 2 managers, who have been arrested by ED, for their alleged involvement in converting black money into white, in lieu of a gold brick.

The two are slated to be present in front of the court on Monday and the ED has launched searches in the case.

The matter was reported North Delhi, when police arrested 3 people with demonetised currency worth three crore and seventy lakhs. The income tax department was later informed and Delhi police later registered a criminal complaint and launched a probe.

In the preliminary investigation, it was found that the black marketers collected Rs 20 crore in old currency and then looked out for a person who could turn the amount into white money. During the process, they met the handlers of Axis banks’ managers.

The managers agreed to convert the sum into white, provided they give away 15% of the old currency to them.

After the deal was decided, the group was also introduced to the bank manager.

This incident of bribe got escalated when income tax officials got hold of receipts of gold bricks, which later directed the officials to the bank managers.

On investigating the managers, it came to light that the managers used to do these illegal transactions after the shutter of the bank was shut.

The gold bricks are now in the procession of the cops.

 Wefornews Bureau

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