CBI examines former DEA Secretary in currency thread contract case

NEW DELH The Central Bureau of Investigation (CBI) on Tuesday (April 7, 2026) probed former Department of Economic Affairs (DEA) Secretary Arvind Mayaram in a case of alleged corruption in a contract for supply of special colour-shifted security thread for Indian currency notes, according to agency officials.

The CBI had registered the First Information Report (FIR) in January 2023, allegedly implicating Mr. Mayaram and unknown officials of the Ministry of Finance, Reserve Bank of India (RBI) and De La Rue International Limited (UK).

According to the FIR, the CBI received a complaint from the DEA on February 14, 2017 and based on it, conducted a preliminary investigation and found that the agreement was extended four times till December 31, 2015.

The FIR, which recorded the alleged sequence of events, said that on July 17, 2004, the then Finance Minister authorized the RBI to enter into an “exclusivity agreement” with the supplier. The first five-year agreement was signed with De La Rue on September 4, 2004.

However, as claimed, the company did not have a patent for color-shifted yarn when it was presented in 2002 and selected in 2004. The FIR alleged that the agreement was signed without verification of De La Rue’s patent claim and that there was no termination clause.

The RBI in April 2006 and the Security Printing and Minting Corporation of India in September 2007 had submitted reports in this regard. However, the contract was extended from time to time until 31 December 2012.

On May 10, 2013, Mr. Mayaram, then DEA Secretary, was informed that the contract with De La Rue had expired. He allegedly approved the three-year extension on June 23, 2013.