CBI raids co-op bank over ‘illegal exchange of demonetised notes’

The Central Bureau of Investigation (CBI) on January 18 conducted searches at 32 places across Pune, Lonavala and Baramati. These places included 17 branches of a Pune-based Muslim cooperative bank. Not only the branches, but also the residence of Haroon Sattar Sayed, CEO, Cooperative Bank was also covered. It was alleged that the bank showcased irregularities in exchanging demonetised Rs 500 and Rs 1000 notes worth Rs 40 lakh.

“Incriminating documents recovered during searches are being scrutinised. CBI registered a case under Sections 120-B, 420,471,477- A of IPC and Sections 13(2) r/w 13(1)(d) of PC Act 1988 against nine officers/ officials of a Co-operative Bank Ltd., Pune and others. Investigation is in progress,” read a press release issued by the central investigation agency.

According to the Indian Express, a source in the CBI said, “We have conducted searches in the past as well.., a case was registered after we had primary evidence and all the related documents.”

As per Pune Mirror, PA Inamdar, chairman, Cooperative Bank said that the CBI team had come to the bank for inquiries. He added that the bank management submitted all the documents that were demanded by the central agency.

In the context of SM Iqbal and Imtiaz Shikilkar, bank directors, Inamdar said that the allegations being levelled against the bank were completely baseless and frivolous.

Sources: Pune Mirror, Indian Express