JD(S) leader was part of conspiracy: CBI

BENGALURU: The CBI, which is investigating cases related to illegal conversion of scrapped currency notes, informed the high court on Thursday that JD(S) leader K C Veerendra is part of a criminal conspiracy involving some bank officials, and section 120B of IPC has been invoked against him.
Opposing Veerendra's bail petition, CBI special public prosecutor P Prasanna Kumar said investigation is still and releasing him on bail would harm the process.Veerendra couldn't have got such a huge amount (Rs 5.7 crore) without the connivance of bank staff, Kumar pointed out.
The petitioner's counsel claimed nothing has been found against Veerendra except that he violated RBI guidelines vis-àvis new currency notes. As per the Income Tax Act, he (Veerendra) has time to explain how he was found with the cash.
Veerendra, who is also a casino owner, was arrested last month. Income tax department officials recovered Rs 6.64 crore, including new currency notes worth Rs 5.70 crore, from his bathroom in Challakere, Chitradurga district. His bail petition has already been rejected by the CBI court.
The CBI alleged that some bank officials, in a criminal conspiracy with Veerendra, exchanged Rs 5.76 crore of demonetized notes in November and December 2016.