Demonetisation- Two RBI officials arrested in Bengaluru

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The Central Investigation Bureau on Saturday arrested two officials of the RBI in Bengaluru. Officials working as senior special assistant and special assitant in the cash department of RBI were arrested for unauthorised exchange of bank notes. Sources from the CBI said that the officials have exchanged close to Rs 1.00 crore of demonetised Rs 500 and Rs 1,000 notes with new legal tender.

"RBI officials Sadananda Naika and A K Kavin, staff in the cash department, are accused of unauthorised exchange of specific bank notes. Investigations are currently underway," a CBI source said


[Also Read: Currency exchange racket: RBI official arrested in Bengaluru]

Inquiry of those previously arrested for possessing unaccounted cash in new legal tender led the CBI to these officials. Initial investigations reveal that the duo accepted demonetised notes and replaced them with Rs 2,000, Rs 100 and currency notes of lesser denominations. The duo is suspected to be part of a larger money laundering racket.

The CBI has arrested three officials of the RBI in Bengaluru alone so far for demonetisation related crimes. These officials are believed to have laundered money on commission basis ranging from 15 per cent to 30 per cent.

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