Syndicate Bank Staffer Admits His Role In Exchanging Rs 6 Lakh Without ID Proof

Hyderabad: Mallesh, clerk at the Syndicate Bank, who was accused of colluding with his colleague and exchanging Rs 6 lakh demonetized currency without showing ID proof confessed about his offence on Monday stating that he indulged in the act as he badly needed money for his niece’s wedding.

A police official said that, "Mallesh exchanged Rs 6.5 lakh at one go to meet expenses of his niece's wedding."

The instance came into light after branch manager Narsaiah filed a complaint on Sunday saying that Mallesh colluded with cashier Radhika and exchanged Rs 6 lakh demonetized currency without furnishing any ID proof on Saturday.

Mallesh and cashier Radhika were suspended by the bank and after the offence surfaced Mallesh returned Rs 5.6 lakh new notes to the bank.

A case has been registered against Mallesh and Radhika under sections 420, 406 and 417 of IPC.

According to police this could be one of many taking place at several banks where ill-gotten wealth is being exchanged for 10 to 20 percent commissions.