Since demonetization was announced on November 8, the CBI has registered 8 cases involving 12 public servants in Bengaluru and Hyderabad in the Rs 17.36 cr currency exchange scam.
Demonetisation has brought in a spate of arrests in currency exchange scams, where certain high profile persons have also been held.
CBI sources say that the total amount suspected in the cases is Rs 17.36 crore. Out of which Rs 3.75 crore was from Hyderabad and the remaining Rs 13.61 crore was recovered from Bengaluru.
However, the agency has recovered cash amounting to only Rs 1.76 crore.
Sources say that four persons were involved in each case and 16 arrests were made, of which 12 were public servants.
All the four cases filed in Hyderabad were against postal departments, while the four in Bengaluru were filed against banks.
Here are the details of the cases filed in Bengaluru:
JD(S) politician KC Veerendra, unknown officials of SBI, Kotak and few other banks along with and 2 private agents colluded to convert Rs 5.7 crore demonetised notes to new ones.
A company involved in cash deposits at ATMs, Secure Value India Limited, conspired with officials of Dhanalaxmi Bank and redirected the money meant to be deposited in ATMs for exchange of demonetized notes. The agency had arrested two persons and documents pertaining to the case were seized.
The bank officials of Central Bank of India, Basavanagudi branch, issued 149 demand drafts worth Rs 70.4 lakh in the name of Bajaj Finance Ltd in exchange for high value demonetized notes. CBI sleuths recovered cash, incriminating documents and a hard disk. Three officials including the bank manager were arrested.
The case of an RBI employee being held in a currency exchange scam hit the media on Tuesday. CBI data reveals that officers of State Bank of Mysore, Kollegal branch were exchanging old currency notes to the tune of Rs 1.51 crore without following the demonetisation guidelines. The CBI seized relevant documents and Rs 16 lakh cash. Senior Special Assistant of RBI, K Michael, SBM’s Head Cashier, Parashiva Murthy and a private individual allegedly helped convert the money.
Across India, the CBI has registered a total of 10 FIRs with 14 public servants involved in converting Rs 19 cr illegally.