New Delhi: The Enforcement Directorate has arrested two Axis Bank managers under PMLA case for their alleged involvement in settling of unaccounted money.


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Officials identified the two managers as Shobit Sinha and Vineet Sinha, working as managers in the Kashmere Gate branch of Axis bank.


Meanwhile, Axis Bank has suspended these two managers, who have been arrested by ED.


The Axis Bank issued a statement in this regard saying: "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."


The Income Tax department on November 25, raided the Kashmere Gate branch after two people were held with Rs 3.5 crore new notes.


The I-T department also reportedly conducted search operation at the residents of two Axis bank managers who are allegedly involved in carrying out the conversion of black money.


The bank managers reportedly took commission in gold. ED sources said the duo were allegedly indulging in converting black money into white by reportedly misusing banking transfer systems like RTGS and NEFT in the wake of the de-monetisation of the two large currencies of Rs 500 and Rs 1000.


In a move to clamp down on the growing menace of black money and fake currencies, the government on November 8 announced that high currency denominations of Rs 500 and Rs 1,000 will no more remain a legal tender.


Holders of the currency have option to deposit them in bank accounts till December 30. However several reports have surfaced where unscrupulous elements are using various means to convert their black money into white.