The CBI sleuths have registered a case against K.V. Krishna Rao, formerly Assistant General Manager of the State Bank of India (SBI) Tanuku branch in West Godavari district and 13 others for allowing private companies to withdraw over Rs 2.49 crore on a single day, against the RBI guidelines issued after the demonetisation notification.
The CBI officials in a press release said subsequent to the withdrawal of legal tender of Rs. 500 and Rs. 1,000 notes, the RBI issued directions restricting the cash withdrawal over the counter per day to Rs. 10,000 and aggregate per week to Rs. 20,000.
Criminal conspiracy
However, Krishna Rao, S Balaji, assistant manager, G Israel Raju , deputy manager, L.V. Naveen, deputy manager, and B Ramachandra Raju, deputy manager, SBI, Tanuku main branch, entered into criminal conspiracy with Sri Ramakrishna Raw and Par Boiled Rice Mill, Pattabhi Agro Foods Pvt Ltd , Vijayasree Foods, Gowthami Constructions, Maheswari Coconut Company, Ravali Spinners Pvt Ltd, Indian Hair Ltd, Hemadri Rice Mill and Nishi Egg Poultry Product Pvt Ltd and allowed them to withdraw Rs. 2.49 crore on a single day.
The public servants had also withdrawn amounts beyond the prescribed limits from their own accounts in the branch.
After registration of the case on December 31, searches were conducted at the residential premises of the accused and several incriminating documents and Rs. 2,11,720 were seized.
