Enforcement Directorate arrested private bank manager from Kotak Mahindra Bank, KG Marg branch,in New Delhi in money laundering case on late night Tuesday.
The arrest was made on alleged charges that the manager was in connection with Hawala agents.
The Enforcement Directorate arrested manager of Kotak Mahindra Bank in connection with Kolkata-based businessman Paras Mal Lodha and Delhi-based advocate Rohit Tandon.
Officials said the agency arrested the manager of the bank's branch in the K G Marg area in New Delhi, on late night Tuesday after questioning. "The manager has been arrested under the provisions of the Prevention of Money Laundering Act and will be produced before the court for further custody," they said.
The Enforcement Directorate took on the case andregistered an FIR under PMLA laws after taking cognisance ofDelhi Polices' crime branch FIR in the said case. Police had also arrested two persons last week forallegedly depositing black money worth Rs 34 crore in ninefake accounts being operated in the Naya Bazar branch of thesaid bank here. A bank spokesperson had then said in a statement that it"confirms that it has a robust system of regularly andproactively filing necessary reports with the statutoryauthorities as prescribed by them, which include theseaccounts. "The Bank denies that there were any fake accounts.TheBank is extending full cooperation to the investigatingauthorities," the spokesperson said.
Income Tax department earlier seized Rs 39 Crore from at least nine fake accounts being operated under various names by one Ramesh Chand and Raj Kumar in Kotak Mahindra Bank's KG Marg branch in Central Delhi. Paras Mal Lodha was recently booked by ED in connection with a money laundering case probe and purported Swiss bank account. after they recovered huge cache of new currency notes of Rs 500 & and Rs 2, 000 from a Delhi law firm which belonged to advocate Rohit Tandon.
The lawyer was also previously searched by the I-T department where it was said that he declared undisclosed income worth over Rs 125 crore.ED sources indicated that Tandon will soon be questioned along with Kolkata-based businessman Paras Mal Lodha, whom the agency arrested in this case on Wednesday.
Lodha (62) was arrested by the agency in “connection with the recovery of large amount in new currency notes from a company belonging to Advocate Rohit Tandon of T and T law firm (in Delhi) and J Shekhar Reddy of Chennai”
Kotak Mahindra bank issued the statement on the arrest of its employee
“With reference to the ongoing investigation of the said accounts, Kotak Mahindra Bank had proactively informed Financial Intelligence Unit (FIU) and the Bank has already suspended the services of its employee Ashish Kumar. The Bank has zero tolerance towards employees not adhering to its Code of Conduct, and takes strict measures against them. The Bank confirms that it has a robust system of regularly and proactively filing necessary reports with the FIU for all large transactions. The Bank has on record all necessary KYC documents, including PAN card. The Bank on its own, on observing the nature of transactions in these accounts, proactively filed a report with FIU for further investigations well in time. On subsequent investigation by the Income Tax authorities, the Bank, as per their instructions, has deposited the entire amount that was credited with these accounts with the Income Tax department. As can be seen from the Bank’s actions, the Bank has fully cooperated and communicated with the relevant authorities, and has demonstrated the highest standards of compliance, and the Bank will continue to do so.” Rohit Rao, Spokesperson, Kotak Mahindra Bank.