CBI Searches Premises Of Former Finance Secretary In Alleged Corruption Case

The Central Bureau of Investigation (CBI) on Thursday conducted searches at the premises of former finance secretary Arvind Mayaram in Delhi and Jaipur, days after registering a first information report (FIR) for alleged corruption charges.

In its FIR, the CBI has alleged that Mayaram and unidentified officials from the Finance Ministry and the Reserve Bank of India (RBI) extended undue favour to De La Rue International Ltd, a UK-based company, by giving three years’ extension to the company’s “expired contract” for the supply of exclusive colour shift security thread for Indian banknotes.

The FIR says that he did not take mandatory security clearance from the Ministry of Home Affairs and did not inform the Finance Minister.

The 1978 batch officer served as finance secretary from 2012-14, and also served as chief economic adviser to Rajasthan Chief Minister Ashok Gehlot.

He has a PhD in finance and has served as the alternate governor for India on the boards of the World Bank, Asian Development Bank and African Development Bank.

He also served as India’s finance deputy in G20 and BRICS, and on the boards of the RBI, the Securities and Exchanges Board of India and the Life Insurance Corporation of India among others.