Bengaluru: Two persons were arrested by CBI on Monday in connection with the Income Tax department’s recent seizure of Rs 5.63 crore in new currency notes from a few individuals in Bengaluru.
Nazeer Ahmed and Chandrakanth Ramalingam are the arrested. They were named in the FIR by CBI. Both were presented before a special court in Bengaluru and have been sent to five days CBI custody.
CBI sources revealed that as many as 10 locations were searched across Bengaluru including the residences of bank officials, some private persons, offices of Karnataka Bank, Dhanalaxmi Bank and ATM servicing company. It is said the cash was allegedly diverted by an ATM servicing company in criminal conspiracy with bank officials.
CBI and Enforcement Directorate have registered cases in connection with the Income Tax department’s seizure of over Rs 5.86 crore from four individuals, out of which Rs 5.63 crore was in new currency notes introduced post-demonetisation, agency sources said.
It is alleged Suryanarayana Bairy and Umashankar Renuka, managers of Karnataka Bank and Dhanlaxmi Bank respectively, entered into a criminal conspiracy with private individuals and an ATM servicing company Secure Value India Limited to “dishonestly and fraudulently” facilitate exchange of demonetised currency with new notes, they said.
The managers used the ATM company to divert new currency meant for 32 ATMs of the Bengaluru city to the individuals who wanted to convert their currency bills of Rs 1000 and Rs 500 which ceased to be legal tender on November 8, it alleged.
Individuals Ibrahim Shereef, Jaychandra, Nazeer Ahmed and Chandrakanth Ramalingam have also been named in the CBI FIR for allegedly using the services of bank managers to convert their old notes with new ones.
The sources said more arrests could be made in connection with the case.
See more:
*Rs 30 lakh unaccounted cash seized in Bengaluru, three held
*IT raids: Rs. 152 crore unearthed in 3 days
*IT seizure: State govt suspends 2 corrupt officials
*Rs.6 crore cash, 7kg gold haul in Bengaluru tax raids
*I-T raid on residence of Chief Minister’s close aide
