De La Rue faces Indian corruption investigation
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De La Rue has been embroiled in a corruption investigation in India involving the country’s former finance minister
De La Rue is embroiled in a corruption investigation in India involving the country’s former finance minister.
The banknote and passport maker was informed that the Central Bureau of Investigation in India (CBI-I) had begun investigating Arvind Mayaram and that his activities in the country prior to 2016 were part of the investigation.
Mayaram, 67, along with other officials from the Ministry of Finance and the Reserve Bank of India, faces charges including fraud, criminal conspiracy, corruption and abuse of his official position.
Probe: The note and passport maker was notified that the Central Bureau of Investigation had begun in India
His homes in Delhi and Jaipur were recently raided by authorities.
The CBI-I said the suspects were involved in a conspiracy to unfairly favor De La Rue in a deal to sell banknote security features, resulting in “illegitimate loss” to the Indian treasury.
De La Rue said it learned of the investigation from “public sources” following reports of the case in the Indian press.
It said it had not worked for the Indian government or central bank since 2016 and believed the allegations were “baseless”.