Karnataka: Woman banker under scanner for aiding money laundering

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Were the newly printed currency notes circulated to the treasuries of nationalised banks following demonetisation? Investigations are likely to be conducted against a senior bank official after an anonymous petition was filed.

The allegation is that the banker who was on deputation to the head office of a nationalised bank in Bengaluru used the new Rs 2,000 notes to help Chikkarayappa and Jayachandra, the two state government officials who came under the radar of the Income Tax department. The banker who is also the wife of a senior police officer is likely to be probed.

Currency notes worth several crores were replaced with the demonetised notes and the new notes were stocked up in a property belonging to Chikkarayappa and Jayachandra which was later raided by the Income Tax Department.

This haul was the first major seizure by the IT Department in Karnataka post demonetisation. All exchanges took place with the full knowledge and cooperation of the IPS officer's wife. Investigations showed that unaccounted money was laundered without documentation. It is suspected that the operation was carried out on a commission basis.

Rs 2000

Currency notes worth several crores were replaced with the demonetised notes and the new notes were stocked up in a property belonging to Chikkarayappa and Jayachandra which was later raided by the Income Tax Department.

This haul was the first major seizure by the IT Department in Karnataka post demonetisation. All exchanges took place with the full knowledge and cooperation of the IPS officer's wife. Investigations showed that unaccounted money was laundered without documentation. It is suspected that the operation was carried out on a commission basis.

[Also Read: Bengaluru IT raids unearth illegal wealth worth Rs 152 crore]

Four IPS, two civil servants in K'taka under CBI scanner

The CBI has also served notices to four IPS and two Indian Administrative Service officers in Karnataka. The officers had come up on the CBI radar following raids at offices and residences of two state government officials, KAS officers Jayachandra who is currently in CBI custody and Chikkarayappa.

Two IAS officers from the Public Works and Highways Department are also on the scanner. Sources also revealed that the senior officials were in one way or another connected to the unaccounted money found with contractors and builders. While a part of the money is being laundered within the state the rest is exchanged in Tamil Nadu.

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