SBI cashier, LIC agent imprisoned to 4 years over demonetisation scam

An ex-head cashier of the State Bank Of India (SBI) and an LIC agent were sentenced to four years of imprisonment in a case pertaining to demonetisation by a trial court Special Judge for CBI Cases, Bangalore.

S. Gopalakrishna, then head cashier at SBI’s Dam Road Branch, Hospet,(Karnataka) and K.S. Raghavendra, the LIC Agent, were also fined a total of Rs.3,70,000 in a case related to demonetisation. During and after demonetisation, several instances of malfeasance across the country had come to light. In Hyderabad, a senior Postal department official was also arrested by the CBI for exchanging old currency notes with new ones for a commission instead of giving relief to the public.

The CBI had registered a case on March 30, 2017 against both the accused and others on allegations that the Swachh Bharat that the SBI cashier had given ‘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 the accused LIC agent attempted to cheat SBI by taking banker’s cheques in the names of various persons without their knowledge and with a mala-fide intention of converting it into legal tender.

Further, the agent allegedly had no intention of taking LIC policies in the names of people whose names the banker’s cheques were taken. After completion of the investigation, the CBI filed a charge sheet against the accused. After trial, the Court found both accused guilty and sentenced them accordingly.

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