De La Rue embroiled in corruption probe in India involving country’s former finance secretary
De La Rue is embroiled in a corruption probe in India involving the country’s former finance secretary.
The bank note and passport maker was made aware that the Central Bureau of Investigation in India (CBI-I) had begun investigating Arvind Mayaram and its activities in the country before 2016 were part of the probe.
Mayaram, 67, alongside other officials at the finance ministry and the Reserve Bank of India, faces charges including cheating, criminal conspiracy, corruption and abuse of his official position.
Probe: The bank note and passport maker was made aware that the Central Bureau of Investigation in India had begun
His houses in Delhi and Jaipur have been recently raided by the authorities.
The CBI-I said the accused were involved in a conspiracy to unduly favour De La Rue in a deal to sell security features for bank notes, which resulted in ‘wrongful loss’ to the Indian exchequer.
De La Rue said it learned of the probe from ‘public sources’ after reports about the case in the Indian press.
It said it had not worked for the Indian government or central bank since 2016 and believed there was ‘no merit’ to the allegations.