Vaidyanath bank money conversion row: Munde assures of cooperation in probe

Maharashtra's Women and Child Development Minister Pankaja Munde who is also the member of Board of Directors of Vaidyanath Urban Cooperative Bank, on Saturday said the bank is ready to cooperate with the CBI after it registered a case against its officials for exchanging old currencies through 'fraudulent means'.

"The board members and I are not directly involved with the routine transactions of the bank. Also, I have been told that the bank has not done anything wrong, but we will co-operate in the investigation," Munde told ANI.

Four officials of the bank, including the manager, two workers and a doctor have been detained in connection with transportation of the cash and allegedly converting Rs. 25 crore.

Earlier today, the bank issued a statement where it refuted the charges made by the investigative agency.

"We have done nothing wrong. However, we are ready to co-operate in the investigation," it read.

The CBI has registered the case under Indian Penal Code (IPC) sections 120 B (criminal conspiracy), 420 (cheating), 406 (criminal breach of trust) and also under the Prevention of Corruption Act, 1988.

According to the investigative agency, the accused entered into a conspiracy and "fraudulently transported" around Rs25 crore in demonetised currency from the bank's head office in Beed to its Ghatkopar branch in Mumbai on November 19 for changing it into legal tender.

Around Rs. 15 crore was allegedly deposited with Maharashtra State Urban Co-operative Bank and Rs. 10.10 crore (Rs10 lakh in Rs. 2,000 denomination and Rs. 10 crore in old Rs. 500 notes) was being transported back to Beed in a car when it was intercepted by the Mumbai Police.

Three persons have been detained so far in the case by the police.

The probe revealed that the cash belonged to Vaidyanath Bank and the detained persons were its employees, including a branch manager.