The company in a statement said that one of its employees posted at Mohali was arrested in Chandigarh for his alleged involvement in unauthorised money exchange.
"The employee has been put under suspension under immediate effect pending investigation. HDFC Securities is extending its full cooperation and support to the authorities as they conduct their investigation," said a spokesman in a release issued here.
The employee was accused of exchanging the demonetised currency of city-based cloth merchant by charging hefty commission.
After the arrest of cloth merchant, the police apprehended the employee for allegedly exchanging the money.
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"We emphasise that the company has a zero-tolerance policy for any staff misconduct or deviation from its clearly defined processes," said the release.
HDFC Securities is a brokerage firm and a subsidiary of HDFC Bank.
On December 3, private sector lender HDFC Bank had sacked its four employees, including a branch manager, posted here, for allegedly indulging in "unauthorised" exchange of demonetized notes with new currency.
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