Bengaluru, DHNS: A CBI special court, on Wednesday, remanded S C Jayachandra, the suspended chief project officer of State Highway Development Project, in judicial custody.
The court had remanded Jayachandra in CBI police custody on December 17, in connection with the seizure of new Rs 2,000 currency notes from his possession.
As the police custody of Jayachandra ended, CBI officials produced Jayachandra before the CBI special court. The court remanded him in judicial custody for 14 days. Jayachandra moved an application seeking bail. The court has posted the hearing to Thursday.
The Anti-corruption Bureau (ACB) has filed a body warrant application seeking the custody of Jayachandra. The ACB sleuths filed the application before the Lokayukta special court. The court has written to the jail superintendent to produce Jayachandra before the court on Thursday.
Jayachandra was first arrested by the Enforcement Directorate in a case under the Prevention of Money Laundering Act. This was after the Income Tax officials seized cash in his possession on November 30. According to the I-T report, Jayachandra possessed Rs 5 lakh in Rs 2,000 currency. Also found possessing new currency notes were contractors Ibrahim Shereef (Rs 4.8 crore), Nazeer Ahmed (Rs 32.7 lakh) and Chandrakanth Ramalingam (Rs 46 lakh). The ED took up a case against Jayachandra after unearthing companies floated by him and lands purchased in the names of his family members. The CBI subsequently registered an FIR against Jayachandra, the contractors and two senior bank officials. Later, ACB booked a case of disproportionate assets against Jayachandra and searched several premises belonging to him.
2 RBI staff
Two Reserve Bank of India (RBI) employees arrested for illegally exchanging old currency notes with new ones have been remanded in judicial custody. Sadananda Naika and A K Kavin, both special assistants in the cash department of RBI, were produced before the CBI court. The CBI had arrested the employees for illegally exchanging Rs 1.99 crore.
The officials had fraudulently given away new currency notes to certain people in violation of the currency exchange limits imposed by RBI.
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