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A manager of the Kotak Mahindra Bank was also arrested  for allegedly helping both Mr Tandon and Mr Reddy convert over 25 crores in old notes.

ED officials had  found nearly 14 crores in cash, including over two crores in brand new 2,000-rupee notes during a raid on Tandon's office on December 10.

 Tandon,  accused of laundering nearly 70 crores of black money since the notes ban last month, had reportedly  declared an unaccounted income of 125 crores in October.

 Tandon, during questioning, claimed he can account for the seized  money and some of it belongs to clients.

The lawyer allegedly has close links with Parasmal Lodha, a Kolkata-based businessman arrested earlier for money-laundering.