Man held in Axis Bank money laundering case sent to 7 days ED custody

New Delhi, Dec 8 (IANS) A court here on Thursday sent Rajeev Singh Kushwaha who was arrested in the case of alleged irregularities in conversion of demonetised notes, to Enforcement Directorate’s (ED) custody till December 15.

Additional Sessions Judge V. K. Yadav allowed ED to quiz Kushwaha for seven days.

Kushwaha, who is practicing as an accountant, was the third one arrested in money laundering case at Axis Bank’s Kashmere Gate branch. He was accused of converting about Rs 40 crore in demonetised notes into gold through banking channels.

Two managers of Axis Bank, who were also arrested in the case, are already in the probe agency’s custody.

Branch manger Shobit Sinha and manager (operations) Vineet Gupta are booked under the provisions of the Prevention of Money Laundering Act (PMLA).

As per the ED, the duo were allegedly involved in converting black money into white by reportedly misusing banking transfer systems like RTGS and NEFT in the wake of the demonetisation of Rs 500 and Rs 1,000.

The ED has also contended its probe revealed that Rs 40 crore worth of currency and several companies were involved in the case and one gold brick worth Rs 39 lakh has been recovered from Sinha and another one is yet to be recovered.

Around 15 persons were involved in the matter, ED told the court.