CBI unearths ₹396 cr of alleged slush funds after note-ban

NEW DELHI: The Central Bureau of Investigation (CBI) has unearthed Rs 396 crore of alleged slush funds in 84 cases registered by it relating to illicit currency exchange that took place after the government announced demonetisation of Rs 1,000 and Rs 500 notes a year ago.

According to the central agency, 307 people, including 180 government officials and a private person were involved in the illicit exchange of high denomination currencies. Out of 307 people under CBI radar, 47 have been arrested by the agency. Among the arrested, one 21 are public servants, and 26 are private individuals.

According to a CBI official, the 84 cases which also include seven preliminary enquiries were related to the fraudulent exchange of demonetised notes at commercial banks, co-operative banks, post offices, railways and insurance company.

The agency acted on more than 500 tip-offs received from the general public and other organisations, and the agency also conducted joint surprise checks on banks and others.

“Some private individuals were nabbed with huge amounts of new currency. Since the restrictions on individuals regarding withdrawals of the new currency, the investigation is to find out how they could come in possession of such amounts,” said CBI spokesperson Abhishek Dayal.

The central agency claimed that it ensured that every information related to such violation of laws was entertained and examined and cases registered in some cases.