The Central Bureau of Investigation (CBI) has registered a case against five persons who worked at the currency chest attached to Bank of Baroda in Coimbatore and unknown others for alleged misappropriation of ₹ 3.28 crore during 2021-22.
The case has been registered against R. Selvarajan, M. Rajan, S. Jayasankaran, N. Kanagaraj and A. Srikanth who worked at the currency chest on Dr. Nanjappa Road Branch in Coimbatore, and unknown public servant(s) and private person(s). The first three accused worked as officers at the currency chest. While Kanagaraj worked as the armed guard, Srikanth was a sub staff at the facility as per the First Information Report registered by the CBI on June 29.
According to the CBI, it received a petition from K.R. Kagadal, Deputy General Manager, Regional Head, Bank of Baroda, Coimbatore Region, on February 15 this year which said that the Reserve Bank of India (RBI) in an order dated December 27, 2021 had directed the currency chest to remit soiled notes in the denomination of ₹ 2,000, ₹ 500, ₹200 and ₹ 100. The currency chest remitted ₹ 70,40,00,000 on January 1, to the RBI.
The RBI, while sorting the remittance, found discrepancies in the notes to the tune of ₹2.83 crore – shortage of ₹1.84 crore, counterfeit bills valued ₹98 lakh and mutilated currencies worth ₹ 54,700. RBI officials subsequently conducted a snap audit of the currency chest on January 8 that detected further discrepancy to the tune of ₹45.20 lakh – shortage of ₹44.04 lakh, counterfeit notes valued ₹1.06 lakh and mutilated notes worth ₹9,200. Altogether, the RBI officials detected discrepancy to the tune of ₹ 3.28 crore.
Mr. Kagadal’s petition further alleged that surveillance camera footage checked by the bank in a preliminary investigation found armed guard Kanagaraj sorting cash as against his primary duty of ensuring safety of the chest. Srikanth was seen removing the sections of notes from cash bundle before keeping the same in the bin. The petitioner alleged that officers of the bank, Selvarajan, Rajan and Jayasankaran and V. Vijayalakshmi (since deceased), were responsible as custodians to ensure correctness and proper safekeeping of cash at the chest.
Mr. Kagadal also alleged that many suspicious financial transactions were found in the accounts of Srikanth and Selvarajan maintained with Bank of Baroda. Srikanth held accounts with State Bank of India, Indian Bank, Karur Vysya Bank and City Union Bank. There were also financial transactions between accounts of Rajan and Srikanth. He further alleged that miscreants appeared to have caused the shortage of cash and counterfeit currency, with or without other unknown persons/entities, in pursuance of criminal conspiracy and with dishonest intention of causing wrongful loss to the bank and wrongful gain to themselves dishonestly, the FIR said.
