CBI REGISTERS A CASE AGAINST A CHIEF MANAGER BANK OF BARODA AND PRIVATE PERSON RELATING TO ALLEGED VIOLATIONS OF GUIDELINES OF RBI IN CONVERSION OF RS. 6.5 CRORE (APPROX)

Press Release
New Delhi, 10.02.2017

         

         The Central Bureau of Investigation has  registered a case against a Chief Manager, Bank of Baroda, Mandoli Branch, Delhi; a Private Person resident of Ashok Nagar, Mandoli Road, Delhi and other unknown persons on the allegations of conversion of black money to white during the period of demonetization.

         It was also alleged that the accused converted black money to the tune of Rs. 6.5 crores (approx.) to white by using different bank accounts in connivance with said Bank Manager, who violated the rules & regulations to allow such manipulation. Earlier a Joint Surprise Check was conducted by CBI alongwith Vigilance officials of Bank of Baroda at Mandoli Branch, Delhi wherein huge deposit in several accounts were found. These accounts were having negligible balances before the announcement of demonetization whereas at the end of the period of demonetization, there were huge balances in such accounts. Many of such accounts were found to be non KYC compliant too.

         Searches were conducted at the premises of said Bank Manager which resulted into recovery of Rs. 1.60 Lakh (approx) cash mostly in new denomination currency; Jewellary item worth of Rs. 6.50 Lakh (approx); and documents pertaining to investment in Life Insurance Policies, FDs & others in the name of accused & his family members and a locker.

         Further investigation is continuing.


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