Bank cashier in Karnataka booked by CBI for exchanging Rs 1.51 crore

BENGALURU: The Central Bureau of Investigation (CBI) has booked a case against the head cashier of State Bank of Mysore (Kollegal branch) in Karnataka’s

Chamarajnagar district

for exchanging old Rs 500 and Rs 1,000 denomination notes to the tune of Rs 1,51,24,000 with new notes by violating post-demonetisation rules.

The accused, identified as

P Murthy

, was also the custodian of the currency chest at SBM’s Kollegal branch. He was arrested following a tip-off that the bank had illegally exchanged currency notes by conspiring with a few private individuals between November 10 and 13. During investigations, it was found that the cashier had flouted the guidelines issued by the Centre and RBI regarding exchange of notes.

A press release from the CBI on Wednesday stated, "The accused facilitated a few private individuals to convert their ill-gotten money to legal tender notes and exchanged the demonetised currency notes of Rs.1000 & Rs 500 with legal tender notes of Rs 100 denomination. The exchange was across the cash counter without obtaining the application for exchange with proof of ID or approval of the branch head and was in excess of the maximum permitted exchange amount of Rs 4000 per person. The demonetised currency notes were allegedly deposited into the currency chest of the branch along with the other cash of the branch, thereby, disguising it as genuinely exchanged currency notes."

The CBI continued with searches in Kollegal and other parts of the state.