CBI REGISTERS A CASE AGAINST TWO OFFICIALS OF STATE BANK OF INDIA FOR ALLEGED VIOLATION OF RBI GUIDELINES

The Central Bureau of Investigation has registered a case against Senior Special Assistant and Deputy Manager (Operations) of State Bank of India, Buchireddypalem Branch, Nellore District U/s 120-B r/w 420, 409 of IPC and Sec.13(2) r/w 13(1)(d) of PC Act, 1988.

It was alleged that during the period between 15.11.2016 and 25.11.2016, the Senior Special Assistant and Deputy Manager (Operations) of State Bank of India entered into a criminal conspiracy while the restrictions on distribution of currency notes due to demonetization were in force. It was further alleged that the Senior Special Assistant had availed four gold loans of Rs.9.70 lakh(approx) on benami names, which were sanctioned by the Deputy Manager (Operations). They also processed and sanctioned three more gold loans to other persons to the tune of Rs.2.70 lakh(approx) and made the loan disbursements in cash in new currency exceeding the limits laid down by RBI due to demonetization. Subsequently, two benami gold loans were closed on 21.11.2016 and 25.11.2016 by depositing demonetized currency notes of Rs.1,000/- and Rs.500/-. Thus, the accused abused their official position and misappropriated funds to the tune of Rs.12.40 lakh(approx).

Searches were conducted at the residential premises of the accused which led to recovery of several incriminating documents.

Further investigation is in progress.

CBI Press Release- New Delhi, 22.03.2017

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