NEW DELHI: The CBI on Thursday conducted searches at the premises of former finance secretary Arvind Mayaram after filing an FIR against him and a UK-based company for alleged corruption in the supply of exclusive colour shift security thread for Indian bank notes.

The CBI, in its FIR, alleged that Mayaram, the UK-based company De La Rue International Ltd and unidentified officials of the finance ministry and the RBI hatched a criminal conspiracy to extend undue favour to the firm.

The agency alleged that Mayaram, as finance secretary, granted an “illegal” three-year extension to an “expired contract” with the company for supplying exclusive colour shift security thread, without taking mandatory security clearance from the home ministry or informing the then finance minister.

The CBI registered the FIR under IPC sections related to criminal conspiracy and cheating and provisions of the Prevention of Corruption Act. It was followed by searches at Jaipur and Delhi residence of the retired IAS officer, days after he joined the Bharat Jodo Yatra of Rahul Gandhi.

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