Bengaluru: CBI arrests 2 in Rs 5-crore new currency recovery case
The CBI conducted searches at 10 different locations across the city of Bangaluru, including the residences of bank officials, offices of Karnataka Bank, Dhanalaxmi Bank and the private company.
In Short
- The CBI registered case under Section 120-B r/w 420, 406, 409, 468, 471 and 477A of IPC.
- The company was handling funds of around 18 banks including some public sector banks.
- Investigation is on to compare the cash received from the RBI and disbursed by the banks.
The Central Bureau of Investigation (CBI) has registered a case against chief manager of Karnataka Bank, manager of Dhanalaxmi Bank, a PWD officer of Karnataka government and three others; a private company (involved in deposit of new currency notes in ATMs) and unknown public servants and unknown others for unauthorisedly diverting several crores of new currency notes to some individuals in violation of the Reserve Bank of India circular.
The CBI registered case under Section 120-B r/w 420, 406, 409, 468, 471 and 477A of IPC, on an information that after demonetisation some officials of the public sector banks colluded with some agents to divert new notes illegally.
It was alleged that the accused company and unknown officials of other public sector and 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 demonetised currency notes, through various middlemen and agents. The said agency and company was handling funds of around 18 banks including some public sector banks.
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The CBI conducted searches at 10 different locations across the city of Bangaluru, including the residences of bank officials, offices of Karnataka Bank, Dhanalaxmi Bank and the private company. During searches, several incriminating documents including computer hard disks, applications along with the ID proofs submitted to the bank for exchange SBNs and vouchers, through which money was withdrawn have been recovered.
Investigation is on to compare the cash received from the RBI and disbursed by the banks etc.
The CBI is also in close coordination with other agencies of the government to investigate the case. A sum of around Rs 5 crore was also recovered during the searches.
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Both the accused were produced before a court in Bangaluru and remanded to five days police custody.