The Enforcement Directorate on Wednesday arrested a Kotak Mahindra bank branch manager, Ashish Kumar, for allegedly helping businessman Paras Mal Lodha and lawyer Rohit Tandon exchange crores of rupees in demonetised notes. The accused, whose name has not been revealed by authorities, worked at the Kasturba Gandhi Marg branch of the bank in Delhi. The same branch had been raided by income tax officials on December 22 for suspicious transactions through fake accounts.

The bank said Kumar had been suspended from the post. Lodha, who had real estate and mining businesses, had been arrested by the ED on December 22 for allegedly exchanging Rs 25 crore in old currency notes for the newly issued cash. Income tax sleuths had earlier detained Lodha at Mumbai airport in connection with cash confiscated from Tandon’s office in Delhi.