EPS’ son’s kin also in Parappana jail in currency nab case

The anti-corruption branch of CBI, Bengaluru had arrested Chandrakanth Ramalingam along with six others after the Income Tax Investigation wing seized Rs.5.17 crore worth of new Rs 2,000 currency notes from the custody of the accused. According to an FIR filed by the Bengaluru CBI, the prime accused Suryanarayana Bairy, chief manager of Karnataka Bank Ltd, Indira Nagar branch and Umashankar Renuka, branch manager of Dhanalaxmi Bank, J C Road branch conspired with private businessmen Ibrahim Shereef, Jayachandra, Nazeer Ahmed, Chandrakanth Ramalingam and Ravi Goel and exchanged several crores worth demonetised currency notes for the new Rs.2, 000 notes in violation of the RBI guidelines. 

CBI officials found the bank officials also used middlemen and had helped these businessmen to exchange several crores worth demonetised currency with the help of forged and fabricated documents of identity and address proof in the names of several individuals. The Income Tax officials had seized Rs 46 lakh worth new currency notes from the custody of Chandrakanth Ramalingam. The accused had been charged under IPC sections 120-B r/w 406, 409, 420, 468, 471, 477-A and Section 13(2) r/w Section 13 (1) (c) (d) of Prevention of Corruption Act.