Bank manager in MP converts VIPs’ black money into white, faces probe | indore | Hindustan Times
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Bank manager in MP converts VIPs’ black money into white, faces probe

Two SBI officials in Madhya Pradesh’s Khargone have been found allegedly converting black money of some “VIPs”, prompting a probe by authorities after a video of which went viral on internet.

indore Updated: Nov 22, 2016 09:30 IST
Prime Minister Narendra Modi had on November 8 evening announced scrapping of Rs 500 and Rs 1,000 notes as legal tender, in order to target black money hoarders and contain circulation of counterfeit currencies.
Prime Minister Narendra Modi had on November 8 evening announced scrapping of Rs 500 and Rs 1,000 notes as legal tender, in order to target black money hoarders and contain circulation of counterfeit currencies.(Arun Mondhe/HT)

Two SBI officials in Madhya Pradesh’s Khargone have been found allegedly converting black money of some “VIPs”, prompting a probe by authorities after a video of which went viral on internet.

Acting on a complaint about suspicious activity at the bank after closing hours on Saturday, a police team led by Khargone SP Amit Singh raided the branch and found that branch manager Sushil Sanghvi and clerk Amit Sisodia were in possession of a huge amount of cash that they were trying to hide.

A video of Sanghvi with Rs 1.22 lakh new notes and Sisodia with Rs 84,000 went viral on Monday.

According to the SP, Sanghvi had confessed that they were trying to exchange the scrapped Rs 500 and Rs 1,000 notes of “some customers” or “VIPs” into new currency. They also used to deliver the new currency notes at the homes of these rich people and it was being done for the past four days, he said.

Police also found identity cards of different people—not residents of Khargone—that were being misused for the purpose.

Singh said a case of violation of bank rules has been established.

Khargone police have started investigation into the matter and have also written to the SBI headquarters in Bhopal, which will conduct a probe.

Prime Minister Narendra Modi had on November 8 evening announced scrapping of Rs 500 and Rs 1,000 notes as legal tender, in order to target black money hoarders and contain circulation of counterfeit currencies.