2 Axis Bank managers held in Delhi for receiving gold bricks as bribe

New Delhi: Two bank managers from Axis bank were arrested for converting Rs 40 crore black money into white, in lieu of a gold brick.

The duo sheshank Sinha and Vineet will be presented in front of the court on Monday and the ED has launched searches in the case.

The police held 3 people with old currency worth three crore and seventy lakhs. During the investigation, it was revealed that the black marketers collected Rs 20 crore in old currency and we’re in search of a person who could turn the rest of the amount into white money.

During the process, they met the two Axis banks’ managers.The managers agreed to convert the sum into white, if they give away 15% of the old currency to them.

This incident came to light when income tax officials got the receipts of gold bricks, which was sent from three bank accounts 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.

During the investigation the managers, used to do these illegal transactions after the bank hours.