Demonetisation: Ex Banker, Ex LIC Agent Sentenced TO 4 Years' Jail

Designated Court Sentenced 2 To Imprisonment With Total Fine Of Rs3.70 LAKH

FinTech BizNews Service

Mumbai, April 30, 2024: The Trial Court of Special Judge for CBI Cases, Bangalore, has sentenced to Shri S.Gopalakrishna( A-1) then Head Cashier, SBM, Dam Road Branch, Hospet, Bellary  (Karnataka) and Shri K.S. Raghavendra {A-2),  then LIC Agent to 04 years' Imprisonment with  total fine of Rs.3,70,000/- (A-1 to pay Rs.2,10,000/- & A-2 to pay Rs.1,60,000/-) in a  case related to demonetisation, as per a press release issued by the CBI.

CBI had registered a  case on 30.03.2017 against both aforesaid accused  and unknown others on allegations that accused (A-1) working as Cashier at SBM, Dam Road Branch, Hospet, in furtherance of a criminal conspiracy with said  LIC agent, had abused his official position and extended undue favour to the accused LIC agent, by violating the RBI Circulars and Government rules and issued 101 Bankers’ Cheques without obtaining any ID proof and authorization letter in favour of LIC of India, for exchanging Specified Bank Notes(SBNs) during the period November 2016. It was also alleged that accused LIC agent, attempted to cheat SBM by taking Bankers’ Cheques in the names of various persons without their knowledge and with a mala-fide intention of converting the SBNs into legal tender. Further, he allegedly had no intention of taking LIC policies in the names of the persons in whose names the Bankers’ Cheques were taken.

After completion of the investigation, CBI filed charge-sheet on 30.09.2017 against the accused.

After trial, the Court found both accused guilty and sentenced them accordingly.

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