Axis bank managers convert black money into white, get busted

New Delhi: We all have heard of converting black money into white, especially after the demonetisation announcement. But, never have we heard of converting black money into white using black money itself. In a very shocking incident, two bank managers from Axis bank were arrested after they acted as mediators for converting black money into white, in lieu of a gold brick. The two will be presented in front of the court on Monday and the ED has launched searches in the case. The matter came to light from North Delhi, when police held 3 people with old currency worth three crore and seventy lakhs. The income tax department was later informed and Delhi police later filed a criminal complaint and initiated a probe. During initial investigation, it was revealed that the black marketers collected Rs 20 crore in old currency and then searched for a person who could turn the amount into white money.  During the process, they met the handlers of Axis banks’ managers. The managers agreed to convert the sum into white, provided they give away 15% of the old currency to them. After the amount was decided, the group was also introduced to the bank manager. This incident of bribe got escalated when income tax officials got hold of receipts of gold bricks, which later directed the officials to the bank managers. On investigating the managers, it came to light that the managers used to do these illegal transactions after the shutter of the bank was shut. The gold bricks are now in the procession of the cops.