Arrested Axis bank managers sent to remand by Delhi court

The Delhi court on Monday sent two Axis bank managers, who were arrested by the Enforcement Directorate under the Prevention of Money Laundering Act (PMLA) case into a week's remand. The accused officials were produced before the Tis Hazari court at around 2 PM on Monday and were interrogated for about 38 hours.

They were asked to present themselves before the court on December 12. Lawyer of Shobit Sinha, one of the accused, said that they opposed the 7-day police custody adding his client cooperated during investigation.

Earlier in the day, Axis Bank suspended the accused officials. Both managers had allegedly taken gold bricks as bribe to convert Rs 40 crore black money into white. One of the gold bricks was recovered from Lucknow.

Money from the three bank accounts was transferred to jewellers via RTGS mode of payment to buy gold. The jewellers sold the gold at 45,000 rupees per tola whereas the market price was much lower. The ED is probing the case and has initiated an investigation into the matter to unmask the other people involved.