Akash Arora reportedly converted demonetised notes worth Rs 6.50 crore (Representational)
CBI has registered an FIR against Chief Manager of Bank of Baroda, Mandoli branch in New Delhi and a private person for allegedly converting demonetised notes worth Rs 6.50 crore in contravention of rules.
The agency has alleged that Chief Manager SK Dogra had allegedly opened a current account of one Akash Arora nearly a month before demonetisation was announced without completing KYC formalities.
Two days after November 8, 2016, when Rs 1,000 and Rs 500 notes ceased to be legal tender, Akash Arora allegedly deposited Rs 15 lakhs in the current account in old currency against which SK Dogra issued a fixed deposit (FD) of Rs 16 lakh, the FIR said.
On the basis of the FD, an overdraft (OD) account in the name of Mr Arora was opened by Mr Dogra with limit of Rs 15.20 lakhs on November 10, 2016. Mr Arora allegedly used the OD account to transfer Rs 15 lakhs to Mr Jain Abhushan same day.
This process was repeated next day albeit with different amount, the FIR stated.
Between November 11 and December 29, 2016, Mr Arora continued to deposit old currency, totaling over Rs 6.50 crore which were credited to various companies, the CBI alleged.