Hyderabad: SBI cashier exchanges Rs 1.09 cr in demonetised notes, booked

HYDERABAD: The CBI on Thursday said it has registered a case against a State Bank of India (SBI) cashier in Hyderabad on charge of exchanging Rs 1.09 crore in demonetised currency with legal tender.

The central agency booked K Srihari, head cashier in SBI’s Nehru Ganj Branch, and others for criminal conspiracy, criminal breach of trust, cheating and falsification of accounts under the Indian Penal Code and Prevention of Corruption Act.

“Srihari entered into a criminal conspiracy with unidentified private persons and fraudulently facilitated and exchanged Rs 1.09 crore in demonetised currency with legal currency,” a Central Bureau of Investigation (CBI) official said.

He said the exchange was effected during November 10-30 last year by using “SWAP methodology and violated the Reserve Bank of India guidelines to exchange specified bank notes with legal tender”.

The government had declared Rs 1,000 and Rs 500 notes as illegal tender from November 8 midnight.

The CBI conducted searches at the residence of the accused at Kotnoor in Karnataka’s Gulbarga district and seized incriminating documents.