The Enforcement Directorate on Friday filed charge sheets against two bank managers and their chartered accountant accomplice under the Prevention of Money Laundering Act for alleged conversion of old ₹500 and ₹1,000 notes by depositing about ₹40 crore in various accounts at the Axis Bank’s Kashmiri Gate branch.
The ED had registered the money laundering case on November 30 on the basis of an FIR lodged by the Delhi police under Sections 420 and 120-B of the Indian Penal Code.
Charged commissions
“During investigation, the ED found that chartered accountant Rajeev Singh Kushwaha and others, in active connivance with Axis Bank branch head Vineet Gupta and its operations head Shobhit Sinha, deposited about ₹40 crore in demonetised notes into the accounts of various firms run by him. He charged huge commissions for converting the old notes into legal tender,” said an official.
The accused contacted the Axis Bank manager and the manager, operations, to help deposit the old currency in the current accounts of the fictitious companies, in lieu of huge commissions.
According to the ED, Mr. Gupta and Mr. Sinha allowed the chartered accountant and his accomplices to deposit the cash in the accounts after banking hours.
