Bail denied to bank manager held for illegally changing demonetised notes

New Delhi, May 24 (IANS) A special court has rejected bail plea of a suspended manager of Kotak Mahindra Bank arrested in connection with facilitating the conversion of about Rs 35 crore in demonetised currency, court sources said on Wednesday.

Special Judge Hemani Malhotra dismissed the bail plea of Ashish Kumar, the then manager of Kotak Mahindra Bank's Connaught Place branch.

The court said that prima facie he cheated the government and general public to the tune of crores of rupees in a well-thought and systematic manner and was aided by co-accused and other associates, who are still at large.

It observed that the allegations against Kumar were "grave and serious in nature" and the investigation is still on in the case.

Delhi Police has arrested Kumar on March 28 for being allegedly involved in a deep-rooted conspiracy to convert black money in old demonetised currency into new ones on commission basis.

Police had booked him under various charges dealing with cheating, criminal breach of trust, forgery of a valuable security, using forged document as genuine and criminal conspiracy.

Ashish Kumar was arrested in another case by Enforcement Directorate for converting his Rs 34.93 crore demonetised high-value currency into new notes in December last year.

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