Bengaluru: CBI Books Bank Manager for Fraudulently Disbursing New Currency

TV9 News: Bengaluru: CBI Books Bank Manager for Fraudulently Disbursing New Currency..., ► Download TV9 Kannada Android App: https://goo.gl/OM6nPA ► Subscribe to Tv9 Kannada: https://youtube.com/tv9kannada ► Circle us on G+: https://plus.google.com/+tv9kannada ► Like us on Facebook:https://www.facebook.com/tv9kannada ► Follow us on Twitter: https://twitter.com/tv9kannada ► Follow us on Pinterest:https://www.pinterest.com/tv9karnataka A senior bank manager in Bengaluru was booked for alleged criminal conspiracy and cheating by issuing 149 demand drafts to a Pune-based firm in exchange of old currency notes, cancelling the same drafts, and thereafter converting old notes into new ones fraudulently. The bank manager heads the Basavanagudi branch of Central Bank of India, said agency officials adding that an FIR also named directors of a Bengaluru-based private firm dealing in incense sticks. The Central Bureau of Investigation (CBI) which is handling the case, said that subsequent searches at the residences and offices of accused led to recovery of incriminating documents including bank vouchers, counterfoils, DDs, property documents, hard disks and cash of Rs 5,91,500 (approx) in old 500 and 1,000 denominations. A case under section 120-B (Criminal conspiracy), 420(cheating) of the Indian Penal Code and Section 13(2) read with section 13(1)(d) of the PC Act, 1988 was registered against the bank manager, identified as Lakshmi Narayana, as well as two directors of Omkar Parimal Mandir named S Gopal and Ashwin G Sunkur, after the probe agency conducted a surprise check at the bank after receiving actionable intelligence. Officials said the alleged crime took place in a span of just four days, that is, a week after Prime Minister Narendra Modi's November 8 announcement of demonetization. CBI officials said that between November 15 and 18; the manager accepted demonetized currency notes of Rs 500 and 1,000. The money was then converted into demand drafts of Rs 50,000 each and issued them in favour of a Pune-based firm thus violating the guidelines issued by the Reserve Bank of India. The demand drafts were then allegedly purchased by two individuals who are designated as directors of a private company named Omkar Parimal Mandir. “It was alleged that Branch Manager, Central Bank of India had violated the guidelines of Reserve Bank of India and issued 149 DDs for amounts less than Rs 50,000 each in favour of a private firm based in Pune for an aggregate amount of Rs 71,49,000 (approx) by accepting old de-monetized currency notes of Rs 500 and Rs 1,000,” said CBI spokesperson Devpreet Singh. She added that the DDs were purchased by two partners of a Bengaluru-based private firm after depositing old currencies in cash. “However, the amounts were staggered and 149 DDs were issued for amount less than Rs 50,000. This was allegedly done by the accused fraudulently to convert the old demonetised notes into cash. Subsequently these DDs have been cancelled and encashed by the accused. Thereby clandestinely old notes got converted into new notes,” the CBI spokesperson said. CBI said that the FIR also lists unknown officials of the Central Bank of India and other unknown private individuals thereby suggesting that more arrests might follow in this case.

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