De La Rue embroiled in India corruption probe involving the country’s former finance secretary
De La Rue is embroiled in a corruption investigation in India involving the country’s former finance secretary.
The banknote and passport maker has been informed that the Central Bureau of Investigation in India (CBI-I) has started investigating Arvind Mayaram and that his activities in the country before 2016 are part of the investigation.
Mayaram, 67, alongside other officials from the Ministry of Finance and the Reserve Bank of India, faces charges of cheating, criminal association, bribery and abuse of official duties.
Probe: Banknote and Passport Maker Told That Central Bureau of Investigation in India Started
His homes in Delhi and Jaipur were recently raided by authorities.
The CBI-I said the defendants were involved in a conspiracy to improperly favor De La Rue in a deal to sell security devices for banknotes, which resulted in an “unjustified loss” to the Indian treasury.
De La Rue said he learned about the investigation from “open sources” after reports of the case appeared in the Indian press.
He said he had not worked for the Indian government or the central bank since 2016 and said the allegations were “unsubstantiated”.