Kashmere Gate Axis Bank's branch manager denied anticipatory bail

New Delhi [India], Apr. 5 (ANI): A Delhi Court on Wednesday denied anticipatory bail to Vineet Gupta, the suspended branch manager of Axis Bank's Kashmere Gate branch, arrested in connection with the conversion of old currency and supply of new currency notes.

The Enforcement Directorate (ED) arrested Gupta and another manager Shobhit Sinha for allegedly helping cash hoarders deposit at least Rs. 40 crores in several bank accounts and transfer funds online.

The ED directed the banks concerned to freeze all transactions in 11 accounts for further scrutiny.

During interrogation, it was disclosed that the bank officials had agreed to deposit cash on two percent commission in the form of gold bars.

Axis Bank, in a press statement, said it had suspended the accused officials and was cooperating with the investigation.

The incident came to light after the Delhi Police seized Rs.3.7 crore in old notes from three persons outside the Kashmere Gate branch on November 22.

Based on the FIR filed by the police, the ED registered a case under the Prevention of Money Laundering Act. (ANI)