Central Bureau of Investigation

CBI REGISTERS A CASE AGAINST DGM & AGM, BOTH OF UNION BANK OF INDIA AND THREE PROPRIETOR/DIRECTOR OF PRIVATE FIRMS & OTHERS FOR ALLEGED VIOLATION OF RBI GUIDELINES

The Central Bureau of Investigation has registered a case U/s 120-B of IPC r/w 420, 465, 468 of IPC & 13(2) r/w 13(1)(d) PC Act, 1988 against DGM, Regional Office, Union Bank of India, Mumbai; AGM / Branch Manager, Union Bank of India, Zaveri Bazar Branch, Mumbai ; three Proprietor/Director of separate firms; a private firm and Unknown others.

It was alleged that during the period 15.11.2016 to 26.12.2016, huge cash amounting to Rs. 47.45 crore (approx) and Rs. 37.15 crore(approx) were fraudulently shown as deposited in the accounts of two private firms based at Mumbai with Union Bank of India, Zaveri Bazar Branch, Mumbai respectively by fabricating records. The said amounts were further shown as transferred to another private firm based at Jewel World, Kalbadevi Road, Zaveri Bazar, Mumbai which a NPA account, also maintained in said Branch of Bank. It was further alleged that cash of Rs. 47.45 crore (approx) and Rs. 37.15 crore (approx) were directly deposited into the Currency chest of Union Bank of India in old demonetized currency notes in the guise of Outright Purchase (Cash Purchase) of gold from Standard Chartered Bank / other authorized Bank by said another private firm based at Jewel World, Kalbadevi Road, Zaveri Bazar, Mumbai. The huge cash was deposited in the Currency chest of bank purportedly by representative of the said firms in an alleged conspiracy with DGM and AGM. Thus, the accused persons violated the RBI Guidelines issued on 08.11.2016.

Searches were conducted at 12 places including residential and office premises of accused persons which led to recovery of Incriminating documents.

Further investigation is in progress.

Source- CBI Press Release, New Delhi, 07.03.2017

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