The Central Bureau of Investigation has registered a case against a Deputy General Manager (DGM) and the Assistant General Manager (AGM) of Union Bank of India in Mumbai and three directors for alleged violation of RBI guidelines during demonetisation.

Additionally, proprietors of a private firm have also been booked in connection with the case.

The CBI has registered cases under IPC sections pertaining to criminal conspiracy, cheating forgery and corruption.

The FIR has been registered against the then Deputy General Manager, Ashok Kumar Dhabhai, and the Assistant General Manager, K Shivashankarrao, both of Union Bank of India. Shivashankarrao is also the manager of Zaveri Road branch of the Bank.

“It has been alleged that during the period from November 15, 2016 to December 26, 2016, huge amounts of cash – around Rs 47.45 crore and Rs 37.15 crore – were fraudulently shown as deposited in the accounts of two private firms based at Mumbai with Union Bank of India.

The huge cash was deposited in the currency chest of bank purportedly by representative of the said firms in an alleged conspiracy with the bank’s DGM and the AGM, in violation of the RBI guidelines,” a statement by the CBI said.

Searches were also conducted by the CBI at 12 locations including residential and office premises of accused persons which led to recovery of incriminating documents. #casansaar (Source - Times of India)