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Demonetisation: ED conducts countrywide enquiry of records in over 50 bank branches

The Enforcement Directorate (ED) is conducting enquiry of records in over 50 bank branches across country to check money laundering, hawala dealings.


Demonetisation: ED conducts countrywide enquiry of records in over 50 bank branches

New Delhi: The Enforcement Directorate (ED) is conducting enquiry of records in over 50 bank branches across country to check money laundering, hawala dealings.

The ED had early arrested two officials of a private bank in connection with its money laundering probe for alleged irregularities in the conversion of old currency and supply of new notes leading to blackmoney generation.

Officials had identified the two managers as Shobit Sinha and Vineet Sinha, working as managers in the Kashmere Gate branch of Axis bank in Delhi, and said they were arrested  under the provisions of the Prevention of Money Laundering Act (PMLA).

The ED had earlier on November 30 also conducted searches at 40 locations across the country in order to check black money held with currency exchanges, hawala dealers and others in the wake of the demonetisation of Rs 500 and Rs 1000 notes.

ED is the central agency to enforce two laws -- the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA). PTI NES RG

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