who is resposible-what is the punishment
Reserve Bank of India official K Michael, posted in Bengaluru, was arrested by CBI while he was allegedly trying to convert Rs 1.51 crore of old currency notes.
CBI sources said Michael, a senior special assistant at RBI, was arrested last week.
The agency has also arrested Veerendra in a separate case relating to seizure of Rs 5.7 crore of new currency from the bathroom of the casino owner by the Income Tax department.
"We have arrested K C Veerendra. He was arrested in Hubballi on December 10 and brought to Bengaluru the following day and produced before the CBI court. He is in our custody for six days," a top CBI official said.
Besides Veerendra, midddlemen Thipeswamy and Venkatesh, residents of Chitradurga districts of Karnataka, and unknown officials of four banks -- State Bank of India, State Bank of Mysore, ICICI Bank and Kotak Mahindra have also been named in the FIR in this case.
The bank officials in a criminal conspiracy with Veerendra exchanged Rs 5.76 crore of demonetised notes with the new currency of Rs 2000 and Rs 500 denomination during November and Decemeber 2016, the CBI FIR alleged.
The FIR alleged that the agency received a source information that officials of SBI, SBM, ICICI, Kotak Mahindra and other banks in and around Challekere in Chitradurga district had entered into criminal conspiracy with Veerendra, Thipeswamy and Venkatesh and other middlemen to "dishonestly and fraudulently" facilitate exchange of Rs 5.76 crore of old currency notes which ceased to be legal tender on November 8.
It was alleged that the bank officials falsified the accounts of their bank on the basis of forged and fabricated documents of identity and address proof in the names of several individuals to misrepresent that the new currency notes have been exchanged with the general public through the bank counters and and ATMs of the banks.
The CBI has also alleged that Veerendra used services of Thipeswamy and Venkatesh to manage the exchange of Rs 5.76 crore of currency which he had stacked at this residence illegally.
During the Income Tax Department searches, the currency was seized from hidden vaults in a bathroom in Veerendra's house, the agency said.
On December 10, IT officials had raided 15 premises, including Veerendra's house in Challakere and a casino owned by him in Goa. The officials seized Rs 5.7 crore in Rs 2,000 currency notes, besides Rs 90 lakh in Rs 100 and Rs 20 denominations in Hubballi district and in Challakere.
CBI sources said Veerendra allegedly connived with some bankers and middlemen to exchange demonetised currency with Rs 2,000 notes.
Earlier, Veerendra's name had figured in a cricket betting case, the sources said. He was running a chit fund business and later forayed into casino and other ventures, they said.
Veerendra, also a businessman from Challakere in Chitradurga district, is a former chairman of Primary Land Development Bank.
The sources said during preliminary probe names of several persons have been taken by Veerendra and CBI is trying to gather material evidence linking the alleged hawala operator with them.
They said during the questioning CBI will confront him with documents recovered from his premises and will try to get the source of these funds which may unravel alleged involvement of senior bank officials in the case. more
CBI sources said Michael, a senior special assistant at RBI, was arrested last week.
The agency has also arrested Veerendra in a separate case relating to seizure of Rs 5.7 crore of new currency from the bathroom of the casino owner by the Income Tax department.
"We have arrested K C Veerendra. He was arrested in Hubballi on December 10 and brought to Bengaluru the following day and produced before the CBI court. He is in our custody for six days," a top CBI official said.
Besides Veerendra, midddlemen Thipeswamy and Venkatesh, residents of Chitradurga districts of Karnataka, and unknown officials of four banks -- State Bank of India, State Bank of Mysore, ICICI Bank and Kotak Mahindra have also been named in the FIR in this case.
The bank officials in a criminal conspiracy with Veerendra exchanged Rs 5.76 crore of demonetised notes with the new currency of Rs 2000 and Rs 500 denomination during November and Decemeber 2016, the CBI FIR alleged.
The FIR alleged that the agency received a source information that officials of SBI, SBM, ICICI, Kotak Mahindra and other banks in and around Challekere in Chitradurga district had entered into criminal conspiracy with Veerendra, Thipeswamy and Venkatesh and other middlemen to "dishonestly and fraudulently" facilitate exchange of Rs 5.76 crore of old currency notes which ceased to be legal tender on November 8.
It was alleged that the bank officials falsified the accounts of their bank on the basis of forged and fabricated documents of identity and address proof in the names of several individuals to misrepresent that the new currency notes have been exchanged with the general public through the bank counters and and ATMs of the banks.
The CBI has also alleged that Veerendra used services of Thipeswamy and Venkatesh to manage the exchange of Rs 5.76 crore of currency which he had stacked at this residence illegally.
During the Income Tax Department searches, the currency was seized from hidden vaults in a bathroom in Veerendra's house, the agency said.
On December 10, IT officials had raided 15 premises, including Veerendra's house in Challakere and a casino owned by him in Goa. The officials seized Rs 5.7 crore in Rs 2,000 currency notes, besides Rs 90 lakh in Rs 100 and Rs 20 denominations in Hubballi district and in Challakere.
CBI sources said Veerendra allegedly connived with some bankers and middlemen to exchange demonetised currency with Rs 2,000 notes.
Earlier, Veerendra's name had figured in a cricket betting case, the sources said. He was running a chit fund business and later forayed into casino and other ventures, they said.
Veerendra, also a businessman from Challakere in Chitradurga district, is a former chairman of Primary Land Development Bank.
The sources said during preliminary probe names of several persons have been taken by Veerendra and CBI is trying to gather material evidence linking the alleged hawala operator with them.
They said during the questioning CBI will confront him with documents recovered from his premises and will try to get the source of these funds which may unravel alleged involvement of senior bank officials in the case. more
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Dear Muthu , in 1995 the Biggest Scam of Stamp Paper , after some YEARS OF ITS CARRY was found and the racket run by Abdul Karim Telgi was shared by Ministers , MPs and some MLAs in majority of the States . The cases on the Stamp Vendors of various places are still pending in the Court. The Silence of Congress Governments upto 95 and even after the cases are lodged and run , made not only those of the Printing Press but also many Government Offices , Officers for having been habituated and backed by those Political Leaders . more
Dec 14
IF A 100 RUPEE NOTE IS TRASACTED 1,00,000 TIMES, IT REMAINS A 100 RUPEE NOTE WITH NO TRANSACTION CHARGES. IF IT IS TRANSACTED 1,00,000 TIMES WITH E-TRANSACTION THAN ONLY THE TRANSACTION CHARGES OF @ 2% EACH TIME, IT COMES TO Rs.2,00,000 + OTHER CHARGES SUCH AS INTERNET ETC. SO WHAT HAVE BEEN THOUGHT & CALCULATED BEFORE ADOPTING THE 'NOTE BANDI, WHICH MIGHT GIVE THE BENIFIT OF THE 'TIP OF AN ICEBERGE' WITH HARRASSMENT/TORTURE TO GENERAL INNOCENT PUBLIC. more
Dec 14
Sri Chander Bhatnagar has correctly advised the appropriate actions to be taken at National Interest . We all know , except 3 , 5 States None Still realized the public interest . Even this is only ONE % OF THOSE STATES . At least in this issue , the Citizen of India and the Supreme Court of India have to Step promptly . Amidst the Media instigations , if those caught with unaccounted Rs.2000/- notes ARE PLACED BEFORE THOSE STILL STRIVING IN QUEUES AT BANKS AND ATMS , the public will Justify their Citizenship . Yes please . Public Court is necessarily to be opted in such and at such since the Laws of the Land are still carrying loop-holes and the Courts still to realize the importance of arrest of Corruption and Black Money Generation WHICH HAS BEEN CARRIED AGAINST THE NORMS OF THE CONSTITUTIONAL LAWS . more
Dec 14
