CBI books bank teller and others for ₹3.28 crore embezzlement in Coimbatore

It was discovered in soiled banknotes transferred to the RBI from the Bank of Baroda cash box in Coimbatore

It was discovered in soiled banknotes transferred to the RBI from the Bank of Baroda cash box in Coimbatore

The Central Bureau of Investigation (CBI) has registered a case against five people who worked on the Bank of Baroda’s currency chest in Coimbatore and unknown others for allegedly embezzling £3.28million in 2021-22.

The case was registered against R. Selvarajan, M. Rajan, S. Jayasankaran, N. Kanagaraj and A. Srikanth, who were at the Currency Office in the Dr. Nanjappa Road Branch in Coimbatore, as well as against unidentified officials and private individual(s). The first three defendants worked as cash register clerks. While Kanagaraj was working as an armed guard, Srikanth was an auxiliary staff at the facility, according to the first intelligence report registered by the CBI on June 29.

According to the CBI, on February 15 this year it received a petition from KR Kagadal, Deputy General Manager, Regional Manager, Bank of Baroda, Coimbatore Region, stating that the Reserve Bank of India (RBI) in an order dated February 27 In 2021, the currency chest had ordered the remittance of soiled banknotes in denominations of ₹2,000, ₹500, ₹200 and ₹100. The currency box transferred ₹70,40,00,000 to the RBI on January 1st.

RBI found discrepancies in the £2.83m banknotes when sorting the transfer – £1.84m missing, £98 lakh counterfeit notes and £54,700 of mangled currency. RBI officials then carried out a quick check of the currency box on January 8, which found a further 45.20 lakh of discrepancies – shortages of 44.04 lakh, counterfeit notes worth 1.06 lakh and mangled notes in denominations from 9,200 pounds sterling. Overall, RBI officials found a discrepancy of ₹3.28 crore.

Mr Kagadal’s petition further alleged that surveillance camera footage reviewed by the bank in a preliminary investigation found armed guard Kanagaraj sorting cash, contrary to his primary duty of ensuring chest security. Srikanth was seen removing the sections of banknotes from the wad of money before storing them in the bin. The petitioner claimed that bank officials Selvarajan, Rajan and Jayasankaran and V. Vijayalakshmi (deceased) as trustees were responsible for ensuring the correctness and proper storage of cash in the till.

Mr Kagadal also claimed that many suspicious financial transactions were found in Srikanth and Selvarajan’s accounts at the Bank of Baroda. Srikanth held accounts with State Bank of India, Indian Bank, Karur Vysya Bank and City Union Bank. There were also financial transactions between Rajan and Srikanth accounts. He further alleged that scoundrels caused the shortage of cash and counterfeit money with or without other unknown persons/entities in pursuit of a criminal conspiracy and with the dishonest intent of dishonestly inflicting an ill-gotten loss on the bank and dishonestly ill-gotten gain on themselves, said FIR .

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