The Central Bureau of Investigation has raided various locations connected to Pune headquartered Muslim Co-op Bank, mainly on charges arising out of exchange of demonetized notes.
In a press release the apex investigator said “today conducted searches at 32 places including the Administrative Office & 17 branches of a Maharashtra based Co-operative Bank Ltd., and the residential premises of the accused persons at Pune, Baramati and Lonavala(Maharashtra) in an on-going investigation of a case relating to alleged exchange of demonetized currency notes. “
Incriminating documents recovered during searches are being scrutinized, said the release.
It was alleged that on 08.11.2016, accused officers in conspiracy with each other, exchanged the demonetized General Currency Notes of Rs.1000/- and Rs.500/- denomination amounting to Rs. 40 Lakh.
It was also alleged that the accused replaced the Original Small Cash Books (Cash Summary Books) of Administrative Office and Branches of the Bank, with new manipulated Small Cash Books containing the false entries with respect to various denominations of General Currency Notes in gross violation of Banking rules and regulations.