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CBI books bank managers & agents in old currency notes conversion racket case

By TIOL News Service

NEW DELHI, DEC 06, 2016: THE Central Bureau of Investigation has arrested two private persons, residents of Bangalore in an on-going investigation of a case relating to alleged diversion of new currency notes illegally.

The CBI has registered a case against Chief Manager of Karnataka Bank; Manager of Dhanalaxmi Bank; a PWD officer of Karnataka Government; three private persons, all residents of Bangalore; a private company (involved in deposit of new currency notes in ATMs) and unknown public servants & unknown others on an information that after de-monetization, some officials of public sector banks & private sector banks colluded with some middlemen & agents and have been unauthorisedly diverting several crores of new currency notes to some individuals in violation of Reserve Bank of India circulars.

It was alleged that the accused; said private company and unknown officials of other public sector & private sector banks in a criminal conspiracy had fraudulently diverted the new currency meant for deposit/replenishing the ATMs of different banks and exchanged them against old demonetized currency notes through various middlemen/agents. The said agency/company was handling funds of around 18 banks including some public sector banks.

Searches have been conducted at 10 locations at different places across the city of Bangalore including at the residences of bank officials; private persons; offices of Karnataka Bank, Dhanalaxmi Bank and said private company. During searches, several incriminating documents including, computer hard disks; applications along with the ID proofs submitted to the bank for exchange SBNs & vouchers through which money was withdrawn have been recovered. Scrutiny is on to compare the cash received from RBI and disbursed by the bank.etc.

CBI is also in close coordination with other agencies of Government of India who are also investigating into this matter. A sum of around Rs.5 crore was also recovered during searches by a Government Agency.

Both the arrested accused were produced today in the Designated Court at Bangalore and remanded to five days police custody.


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