A massive crack down by the CBI on illegal exchange of demonetised notes has resulted in registration of more than 70 cases and preliminary enquiries, involving an initial sum of ₹400 crore, and arrest of about two dozen persons across the country.
Over 450 people are currently facing the probe.
The agency has booked close to 150 officials of public and private banks, the Reserve Bank of India, post offices, railway, insurance and other government offices over the past nine months. Over 300 private persons, including tax consultants, chartered accountants, middlemen, jewellers and businessmen running shell companies, have also been named. In coordination with other agencies, the CBI seized ₹36 crore in cash during various operations.
Charge sheets
While 55 of the cases are currently under investigation, about a dozen charge sheets have already been filed. In all, 53 probes are related to various banks and more than 10 pertaining to post offices. Based on the documents made available by other agencies, more cases are being contemplated.
The major bank-related cases include one registered in February this year against a Deputy General Manager (Regional Office) and Branch Manager (Mumbai’s Zaveri Bazar) of Union Bank of India, besides jewellers. It is alleged that ₹84.60 crore in cash was fraudulently shown as deposited in the accounts of private firms.
Several cooperative banks were found indulging in illegal exchange of the trashed ₹500 and ₹1,000 notes, running into crores. One case allegedly involves four employees of Vaidyanath Cooperative Urban Bank, a well-known doctor and an Aurangabad-based hospital, who had allegedly managed to deposit ₹15 crore in cash in another bank’s account. Another load of ₹10 crore in old notes was being transported when it was intercepted by the Mumbai Traffic Police.
Post-demonetisation, action by various agencies led to detection of a range of modus operandi adopted to conceal income and launder money.
