The Enforcement Directorate has arrested two managers of Axis Bank in New Delhi under the Prevention of Money Laundering Act (PMLA).

It is alleged that both managers received gold bricks as bribe to convert Rs 40 crore black money into white. One of the gold bricks was recovered from Lucknow.

DUO IDENTIFIED

The duo, identified as Sheshank Sinha and Vineet Gupta, will be produced in the Tis Hazari court today. They were arrested from the bank's Kashmere Gate Branch.

ED arrests two Axis Bank managers under PMLA case for their alleged involvement in settling of unaccounted money. #DeMonetisation ANI (@ANI_news) December 5, 2016

Money from three bank accounts was sent to jewellers via RTGS mode of payment to buy gold. The jewellers sold the gold at 45,000 rupees per tola whereas, in fact, the market price was much lower.