Demonetisation: Delhi Court extends police custody of Axis Bank manager Vineet Gupta

| Updated: Dec 12, 2016 23:07 IST

New Delhi [India], Dec. 12 (ANI): A Delhi Court on Monday extended the police custody of Vineet Gupta, manager of Axis Bank, for three more days and sent another manager, Shobit Sinha, to judicial custody for 14-days. The Enforcement Directorate has arrested both in connection with its money laundering probe for alleged irregularities in the conversion of old currency and supply of new notes leading to black money generation. The Delhi court on December 5 sent the duo into a week's remand.The accused officials were produced before the Tis Hazari court at and were interrogated for about 38 hours. The lawyer of Shobit Sinha, one of the accused, said that they opposed the seven-day police custody, adding his client cooperated during investigation. The Axis Bank had earlier suspended the accused officials. Both managers had allegedly taken gold bricks as bribe to convert Rs 40 crore black money into white. One of the gold bricks was recovered from Lucknow. Money from the three bank accounts was transferred to jewellers via RTGS mode of payment to buy gold. The jewellers sold the gold at 45,000 rupees per tola whereas the market price was much lower. The ED is probing the case and has initiated an investigation into the matter to unmask the other people involved. (ANI)