CBI registers a case against two officials of State Bank of India for alleged violation of RBI Guidelines on demonetization

Press Release New Delhi, 22.03.2017

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.

http://cbi.nic.in/pressreleases/pr_2017-03-22-1.php

CBI files a chargesheet against MD of a private firm and five others for causing an alleged loss of RS.42.17 crore(approx) to Indian Bank

Press Release New Delhi, 22.03.2017

The Central Bureau of Investigation has filed a chargesheet against a Managing Director; three Directors; one former Director, all of Tiruchengode (Tamilnadu) based private firm and said private firm U/s 120-B r/w 420, 468 & 471 of IPC & substance offence thereof in the Court of Chief Judicial Magistrate, Coimbatore (Tamil Nadu) for causing an alleged loss of Rs.42.17 crore(approx) to Indian Bank.

CBI had registered a case U/s 120-B, r/w 420, 468 and 471 of IPC on 23.02.2016, against Managing Director & three Directors of Tiruchengode based private firm & said private firm (dealing in the business of manufacturing CTD Bars/TMT Bars at Tiruchengode) and unknown others on a complaint regarding the fraud to the tune of Rs. 42.17 crore(approx) to Indian Bank, Tiruchengode Branch, Tiruchengode(Tamil Nadu).

Investigation revealed that the said accused during the period from 2008 to 2014, entered into an alleged criminal conspiracy among themselves at Tiruchengode to cheat Indian Bank in the matter of availing credit facilities from the bank by way of submitting false/forged financial statements of said private firm. In pursuance of the said conspiracy, the accused allegedly induced & cheated the Indian Bank to sanction them ineligible higher credit facilities from 2008 to 2014 to the extent of Rs. 38.75 crore (approx).

After investigation, a chargesheet has been filed. The public is reminded that the above findings are based on the investigation done by CBI and evidence collected by it. Under the Indian Law, the accused are presumed to be innocent till their guilt is finally established after a fair trial.

Source: cbi.nic.in