The Central Bureau of Investigation has booked two Union Bank of India (UBI) managers, a director and two proprietors of Mumbai-based bullion and jewellery firms for alleged illegal conversion of ₹85 crore in demonetised notes using the banking channel.
The accused named in the FIR are Ashok Kumar Dhabhai, Deputy General Manager with UBI’s regional office in Mumbai; K. Shivashankarrao, the bank’s Branch Manager in Mumbai’s Zaveri Bazar; Rakesh Patel, owner of Pihu Gold; Mayur Deepak Chawla, owner of Satnam Jewellers; and Amit Sampat, director of Pushpak Bullion. Pushpak Bullion has also been named as an accused.
IPC, PCA invoked
The CBI has invoked various provisions of the Indian Penal Code and the Prevention of Corruption Act, alleging that ₹47.45 crore and ₹37.15 crore in cash were fraudulently shown to have been deposited in the Zaveri Bazar-UBI accounts of two private firms between November 15 and December 26 last year. The bank records were allegedly fabricated to evade detection. “The amounts were further shown as to have been transferred to another private firm based at Jewel World in Zaveri Bazar, a Non-Performing Assets account with the UBI,” said a CBI official.
According to the agency, the cash in demonetised notes was directly deposited into the currency chest of the UBI, showing outright purchase of gold from Standard Chartered Bank by another company.
“The huge cash was deposited in the currency chest by representatives of the said firms in an alleged conspiracy with the two bank managers, in violation of the RBI guidelines issued on November 8 last year, announcing demonetisation of ₹500 and ₹1,000 denominations,” said the official. The agency has conducted searches on the offices and residences of the accused.
