VISAKHAPATNAM: The Central Bureau of Investigation (CBI) on Wednesday registered a case against two State Bank of India (SBI) officials of Buchireddypalem branch in Nellore for violating the RBI guidelines and restrictions on distribution of currency notes due to demonetisation According to a CBI press release, senior special assistant M Sultan Mohiuddin and deputy manager (operations) IJ Raja Sekhar entered into a conspiracy between November 15 and 25 last year. Sultan Mohiuddin had availed four benami gold loans of 9.70 lakh, which were sanctioned by Raja Sekhar. The two processed and sanctioned three more gold loans to others to the tune of 2.70 lakh and made cash disbursements exceeding the limits laid down by the RBI rules.Similarly, two benami gold loans were closed on November 21 and 25, 2016 by depositing demonetised currency notes of 1,000 and 500. The accused abused their official position and misappropriated funds to the tune of 12.40 lakh, the CBI said. Searches were conducted at the residential premises of the accused which led to recovery of several incriminating documents. The CBI has registered cases under sections of 120-B read with 420, 409 of IPC and section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988.The accused abused their official position and misappropriated funds to the tune of 12.40 lakh during demonetisation period.

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