CBI arrests 2 contractors in cash seizure case
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The agency had registered a first information report (FIR) against seven people, including S C Jayachandra, Chief Project Officer of the State Highway Improvement Project, and two bankers, in this connection on Saturday. The CBI special court has remanded the two contractors in five-day police custody. File photo
Central Bureau of Investigation (CBI) has arrested two contractors – Nazeer Ahmed and Chandrakanth Ramalingam – in connection with the seizure of cash in Rs 2,000 denomination during the recent income tax raids in Bengaluru.
The agency had registered a first information report (FIR) against seven people, including S C Jayachandra, Chief Project Officer of the State Highway Improvement Project, and two bankers, in this connection on Saturday. The CBI special court has remanded the two contractors in five-day police custody.
The others named in the FIR are: Suryanarayana Bairy, Chief Manager of Karnataka Bank, Indiranagar branch; Umashankar Renuka, Manager of Dhanalaxmi Bank, J C Road branch; Ibrahim Shereef of a private company, Secure Value India Ltd, represented by its Managing Director Ravi Goel. Secure Value India Ltd is involved in replenishing ATMs with new banknotes.
According to CBI, the raids conducted by the Income Tax Department on November 30 revealed that certain people were in possession of new Rs 2,000 and Rs 500 banknotes. They are Ibrahim Shereef (Rs 4.80 crore) Jayachandra (Rs 5 lakh), Nazeer Ahmed (Rs 32.70 lakh) and Chandrakanth Ramalingam (Rs 46 lakh).
Income Tax Department sources said Secure Value India Ltd, in collusion with the officials of public and private sector banks, had fraudulently diverted the new currency meant for replenishing ATMs. The suspects later exchanged the new currency against the demonetised notes through middlemen.
“Secure Value is handling funds of around 18 banks, including some public sector banks. Searches have been conducted at their office and the entire set of documents related to cash-handling and hard disks containing this data have been seized. Other documents like electronic journal and data from the banks are being obtained,” an official said.
CBI officials have launched searches at 10 locations, including the houses of bank officials and Secure Value India Ltd premises. Till Monday evening, several incriminating documents, computer hard disks have been seized and are being analysed to find out the nexus between the bank officials and the middlemen, a source said.
During searches at Karnataka Bank, Indiranagar branch, applications, along with ID proofs submitted to the bank for exchange, have been seized. Investigation is on to compare the cash received from RBI and disbursed by the banks.
The agency had registered a first information report (FIR) against seven people, including S C Jayachandra, Chief Project Officer of the State Highway Improvement Project, and two bankers, in this connection on Saturday. The CBI special court has remanded the two contractors in five-day police custody.
The others named in the FIR are: Suryanarayana Bairy, Chief Manager of Karnataka Bank, Indiranagar branch; Umashankar Renuka, Manager of Dhanalaxmi Bank, J C Road branch; Ibrahim Shereef of a private company, Secure Value India Ltd, represented by its Managing Director Ravi Goel. Secure Value India Ltd is involved in replenishing ATMs with new banknotes.
According to CBI, the raids conducted by the Income Tax Department on November 30 revealed that certain people were in possession of new Rs 2,000 and Rs 500 banknotes. They are Ibrahim Shereef (Rs 4.80 crore) Jayachandra (Rs 5 lakh), Nazeer Ahmed (Rs 32.70 lakh) and Chandrakanth Ramalingam (Rs 46 lakh).
Income Tax Department sources said Secure Value India Ltd, in collusion with the officials of public and private sector banks, had fraudulently diverted the new currency meant for replenishing ATMs. The suspects later exchanged the new currency against the demonetised notes through middlemen.
“Secure Value is handling funds of around 18 banks, including some public sector banks. Searches have been conducted at their office and the entire set of documents related to cash-handling and hard disks containing this data have been seized. Other documents like electronic journal and data from the banks are being obtained,” an official said.
CBI officials have launched searches at 10 locations, including the houses of bank officials and Secure Value India Ltd premises. Till Monday evening, several incriminating documents, computer hard disks have been seized and are being analysed to find out the nexus between the bank officials and the middlemen, a source said.
During searches at Karnataka Bank, Indiranagar branch, applications, along with ID proofs submitted to the bank for exchange, have been seized. Investigation is on to compare the cash received from RBI and disbursed by the banks.