New Delhi, December 28: In a shocking turn of events, the Enforcement Directorate today arrested the manager of the Kotak Mahindra Bank, KG Marg branch, Delhi in connection with the Paras Mal Lodha and Rohit Tandon cases. Also Read - Delhi Has Crossed Peak of Second Coronavirus Wave: Arvind Kejriwal

The arrest is a big development in te now infamous case of the Kolkata-based businessman Parasmal Lodha and the Delhi-based lawyer Rohit Tandon. The duo had set up an elaborate network to convert crores of rupees of the now illegitimate Rs 500 notes to remonetised bank notes. Also Read - 11-Year-Old Delhi Boy Sets Off For Haridwar on His Bicycle After Being Scolded By Mom

The Enforcement Directorate launched a detailed probe after it became evident that Rohit Tandon allegedly converted over Rs 2 crore with the help of hawala trader Paras Mal Lodha. Both the accused were taken in by the agency for questioning and have been subject to detailed questioning. The directorate recorded Tandon’s statement under the provisions of the Prevention of Money Laundering Act (PMLA). Also Read - Stubble Burning May Worsen COVID-19 Situation in North: Punjab CM Demands Fiscal Aid From Centre

What strengthened the case against the Delhi-based lawyer was the seizure of nearly Rs 13.65 crores in cash from his office in Greater Kailash-I area of South Delhi during a raid conducted by the Delhi police on December 10. Further Income tax raids revealed that Tandon had an undisclosed income worth over Rs 125 crore.

Meanwhile, apart from assisting Tandon, Lodha has also been named in the illegal conversion of more than Rs 25 crore of old notes to new notes by Chennai businessman Shekhar Reddy. it now seems as though senior managers and officials assisted the duo in carrying out the illegal feat.