Notes case: Judicial custody of banker, 2 others extended

A Delhi court today extended the judicial custody an official of a private bank and two other persons in a case of alleged irregularities related to the conversion of old currency and supply of new notes.
The judicial custody of 32-year-old Vineet Gupta, now suspended branch manager in Axis Bank's Kashmere Gate branch here, and Rajeev Kumar Kushwaha, suspected to be the mastermind behind floating of shell companies, was extended by Additional Sessions Judge Vimal Kumar Yadav till January 9.
The court also extended the judicial custody of the third arrested accused, 33-year-old Shobit Sinha, now suspended manager (operations) in the bank, till January 9.

During the hearing, ED's special public prosecutor Vikas Garg pleaded that the two accused be sent to judicial custody as the investigation in the case was at a crucial stage.
Gupta and Sinha were arrested by ED on December 4 and later on suspended by the bank. Subsequently, Kushwaha was also apprehended.
ED had earlier told the court that the two officials, in connivance with others, were indulging in illegally changing demonetised currency into new notes.

ED claimed that the probe has so far revealed that Rs 40 crore worth of currency and several companies were involved in the case. It had said a gold brick worth Rs 39 lakh has been recovered from Sinha while another is yet to be recovered.

It had claimed that Kushwaha "used the identity documents of various persons to form shell companies" through which cash deposits worth Rs 39 crore were made between November 10 and November 22 in "close connivance" with the two bank managers.
The prosecutor had said the two bank officials were taking one per cent commission against the total amount of money deposited.
They agreed to accept the commission in the form of gold bar which was worth Rs 39 lakh, he had said.
Axis Bank had said in a statement, "The bank is committed to following the highest standards of corporate governance and has zero tolerance towards any deviation on the part of any of its employees from the set model code of conduct. In this particular case, the bank has suspended the erring employee and is cooperating with the investigating agencies."

A number of bank accounts of various people and traders are under the scanner of the agency in the case, ED had said.
ED had lodged a criminal complaint against the two bankers and others based on a Delhi Police FIR after three persons were intercepted with Rs 3.7 crore cash in old currency a few days ago in front of the bank's Kashmere Gate branch.
The Income Tax department too had surveyed the bank branch and searched the residential premises of the two.