A Delhi court on Wednesday sent the branch manager of Kotak Mahindra Bank into Enforcement Directorate (ED) custody till January 2. Ashok Kumar was arrested on charges of laundering about Rs 35 crore.
ED counsel, Vikas Garg, demanded 14 days custody saying that it was a “huge conspiracy” and the money trail has to be unearthed.
The agency needed the custody to unearth his alleged links with a Delhi-based lawyer and interrogating him will lead to revelation of names of other influential people who are involved in the case, he said.
Metropolitan magistrate Ashok Kumar granted a five-day custody.
Kumar, the manager of the bank’s branch on Kasturba Gandhi Marg in central Delhi, was arrested under the provisions of the Prevention of Money Laundering Act (PMLA) on Tuesday in connection with nine alleged fake accounts in which deposits worth Rs 35 crore were made.
ED counsel said, “The manager charged 35% commission by allowing demonetised currency amounting to about Rs 35 crore to be accepted by the bank and had generated pay orders and demand drafts in exchange.”
“This was done so that the other accused persons could have new currency notes of the same amount and by opening bank accounts of various companies,” he added.
The accused opposed the ED’s application and claimed innocence.