The Central Bureau of Investigation (CBI) has examined former Finance Secretary Arvind Mayaram in connection with alleged irregularities in the procurement and extension of contracts related to currency security threads supplied by UK-based firm De La Rue. The case pertains to decisions taken during his tenure in the finance ministry, where approvals were reportedly granted for extending the company’s engagement beyond its initial contract period.
Probe focuses on contract extensions and approval process
According to the investigation, the extension of De La Rue’s contract is under scrutiny for potential procedural lapses, including whether due approvals and clearances were obtained before allowing the firm to continue supplying security threads used in Indian currency notes. The CBI is examining whether the extension resulted in undue advantage to the company and whether established procurement norms were bypassed in the process. Security threads are a critical anti-counterfeiting feature embedded in currency notes, making their sourcing and supply a matter of both financial and national importance. The probe is therefore focused not only on administrative decisions but also on the broader implications of procurement practices in sensitive sectors.
Officials are also looking into claims related to the company’s technological capabilities and whether representations made during the contract period influenced decision-making. The investigation is part of a wider effort to assess accountability in high-value government procurements and ensure adherence to established procedures. The questioning of Mayaram marks a key step in the ongoing probe, which remains at an investigative stage. No final conclusions have been drawn so far, and further examination of documents and officials involved in the process is expected as the case progresses. |
