CBI REGISTERS TWO SEPARATE CASES RELATING TO DEMONETIZATION AND CONDUCTS SEARCHES
The Central Bureau of Investigation has registered a case U/s 120-B, r/w 420 of IPC and Section 13(2) r/w 13(1)(d) of the PC Act, 1988 against then Senior Manager/Branch Manager, Bank of Maharashtra, Ambawadi Branch, Ahmedabad; a private person; four Proprietors of separate private firms and unknown others alleging therein that huge cash deposits in Specified Bank Notes (SBNs) were made during the demonetization period in various newly opened Benami Accounts in Bank of Maharashtra and the money was rotated between the said accounts as well as to other entities and finally transferred to another account through RTGS with Bank of Maharashtra,Ambawadi Branch, Ahmedabad. All these accounts were non-KYC compliant. The amount involved in this case was around Rs.28.87 crore(approx).
Searches were conducted at 8 places including office & residential premises of the accused which led to recovery of incriminating documents.
The other case was registered U/s 120-B, 417, 420 of IPC and Section 13(2) r/w 13(1)(d) of the PC Act, 1988 against then Manager & Assistant Branch Head of UCO Bank, St. Xavier’s Branch, Navrangpura, Ahmedabad; Proprietor of Ahmedabad based private firm and unknown others on the allegations that the Bank official in conspiracy with a private firm/Shell Company and other unknown persons deposited huge Specified Bank Notes (SBNs) amounting to around Rs.1.40 Crore(approx) in Current Account of a Proprietor of the Shell Company with UCO Bank during demonetisation period and thereby cheated the Government.
Searches were conducted at 3 places including office & residential premises of the accused which led to recovery of incriminating documents.
Further investigation in both cases is continuing.
CBI Press Release – New Delhi, 13.04.2017