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Kotak Mahindra Bank manager arrested in Delhi over fake accounts

The arrest comes days after Income Tax sleuths visited the KG Marg branch in connection with the survey of two of its customers accounts. The bank then denied that there were any fake accounts.

BT Online | December 28, 2016 | Updated 11:41 IST
Kotak Mahindra Bank manager arrested in Delhi over fake accounts

The Enforcement Directorate has arrested the branch manager of the New Delhi's KG Marg branch of Kotak Mahindra Bank for alleged involvement in a money laundering case.

The arrest comes days after Income Tax sleuths visited the KG Marg branch in connection with the survey of two of its customers accounts.

The bank then denied that there were any fake accounts.

The manager has reportedly been  arrested under the provisions of the Prevention of Money Laundering Act for alleged involvment in the illegal conversion of black money in the Paras Mal Lodha and Rohit Tandon case.

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Earlier on November 21, the ED had arrested Kolkata-based businessman Paras Mal Lodha for alleged exchange of old currency notes worth Rs 25 crore.

The ED has registered an FIR under PMLA Act after taking cognisance of Delhi Polices' crime branch FIR.

Last week, the Delhi Police Crime Branch had arrested two people for creating fake accounts in Kotak Mahindra Bank's Kasturba Gandhi Road branch with unaccounted deposits totalling Rs 34 crore.


 

 

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