The Central Bureau of Investigation (CBI) has registered a case under the Prevention of Corruption Act and various IPC Sections against Union Bank of India (UBI)’s Mumbai Regional Deputy General Manager Ashok Kumar Dhabhai, UBI’s Assistant General Manager of Zaveri Bazar Branch, Mumbai, K Shivashankarrao, and others for violation of RBI
guidelines issued in the wake of demonetisation.
The CBI said on Tuesday that from November 15 to December 26, 2016, cash amounts of Rs.47.45 crore and Rs.37.15 crore were fraudulently shown as deposited in the accounts of two Mumbai-based private firms at the UBI Zaveri Bazar Branch by fabricating records.
The amounts were further shown as transferred to another private firm based at Jewel World, Kalbadevi Road, Zaveri Bazar, Mumbai. It was stated that the two amounts of Rs.47.45 crore and Rs.37.15 crore were directly deposited into the currency chest of the bank in old demonetised currency notes in the guise of outright purchase of gold from Standard Chartered Bank/other authorised bank by the private firm based at Jewel World, Kalbadevi Road, Zaveri Bazar, Mumbai.
The “deposits” made by a representative of the firms in an alleged conspiracy with the Bank’s DGM and AGM, violated the RBI guidelines.
Searches were conducted at 12 places, including residential and office premises of the accused persons, which led to recovery of incriminating documents, the CBI said.