CBI conducts searches in Maharashtra for exchange of demonetised notes

The Central Bureau of Investigation (CBI) on Thursday conducted searches at 32 places in Maharashtra in an on-going investigation of a case relating to alleged exchange of demonetised currency notes.

The searched was carried out at different locations of the state, including administrative office and 17 branches of a Maharashtra based Co-operative Bank Limited and the residential premises of the accused persons at Pune, Baramati and Lonavala.

The probe agency also recovered incriminating documents during searches, which are being scrutinized.

It also registered a case under Sections 120-B, 420,471,477- A of the Indian Penal Code (IPC) and Sections 13(2) r/w 13(1)(d) of PC Act 1988 against nine officials of a Co-operative Bank Ltd., Pune and others.

It was alleged that after the announcement of demonetisation in 2016, the accused officials in conspiracy with each other, exchanged the demonetised currency notes of Rs.1000/- and Rs.500/- amounting to Rs. 40 Lakh with an equivalent amount of currency notes of Rs.100 and Rs.50, which were collected from different branches of the said Co-operative Bank Limited.

Investigation in the case is in progress.