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Visakhapatnam: CBI files case against SBI officials in demonetization case

The State Bank of India logo is seen on an ATM in Singapore December 26, 2015. REUTERS/Thomas White

New Delhi: The CBI has registered a case against five SBI officials posted in Tanuku branch in West Godavati district for allowing private companies to withdraw over Rs 2.49 crore in a day post-demonetization.

The case was registered on December 31, 2016 against the officials for allowing private companies to withdraw over Rs 2.49 crore in a single day, which was against the RBI guidelines that were issued after the demonetization notification, the central agency said in a release on Wednesday.

It said that following the withdrawal of Rs 500 and Rs 1,000 currency notes, the RBI had issued directions to all the banks restricting over-the-counter cash withdrawal. “However, with utter disregard to the RBI instructions, the officials posted at SBI’s Tanuku main branch, entered into a criminal conspiracy with several firms and allowed them to withdraw Rs 2.49 crore in a single day,” the CBI said.

Public Servants also withdrew amounts beyond the prescribed limits from their own accounts in the branch, it said. “After the registration of the case on December 31, searches were conducted at the residential premises of the accused and several incriminating documents were found,” it added.

The investigation is in progress, the CBI release said.