CBI raids have revealed a scandal at the Makkaraparamba Service Cooperative Bank in Malappuram in Kerala. The bank and its various branches had allegedly accepted withdrawn bank notes post demonetization, reports Indian Express.
The bank had collected bank notes worth Rs 8.71 crore between November 10 and November 14.
CBI said Makkaraparamba Service Cooperative Bank secretary Haneefa Perincheeri and two managers had collected withdrawn currency notes from unknown persons and credited the amount in the accounts of genuine customers without their knowledge.
They opened new SB accounts in the name of fictitious persons using fabricated documents and forged signatures.
Most of the accounts opened on November 8 in Chattiparamba and Paravakkal branches flouted KYC norms.