CBI Spokesperson R K Gaur said it was alleged that during the period between November 15, 2016 and November 25, 2016, the officials entered into a criminal conspiracy while the restrictions on distribution of currency due to demonetisation.
The CBI has registered a case against two officials of State Bank of India for allegedly converting demonetised currency in violation of norms. The agency has registered case of criminal conspiracy, cheating and corruption against Senior Special Assistant Manager Sultan Mohiuddin, and Deputy Manager I J Raja Sekhar, posted in Nellore in Andhra Pradesh.
CBI Spokesperson R K Gaur said it was alleged that during the period between November 15, 2016 and November 25, 2016, the officials entered into a criminal conspiracy while the restrictions on distribution of currency notes were in force due to demonetisation.
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“It was further alleged that the Senior Special Assistant had availed four gold loans of Rs 9.70 lakh on non existent names, which were sanctioned by the Deputy Manager (Operations),” he said. The official said 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 the RBI in the wake of demonetisation.
“Subsequently, two ‘benami’ gold loans were closed on November 21, 2016 and November 25, 2016 by depositing demonetised 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,” he said.