CBI arrests senior RBI officer for exchanging banned currency notes

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RBIThe Central Bureau of Investigation (CBI) on December 13 arrested Senior Special Assistant of the Reserve Bank of India (RBI) in Bengaluru for his alleged involvement in currency exchange.

The RBI officer, who has been identified as, K Michael, and two others were held by the agency for money laundering activities and holding unaccountable cash worth Rs 16 lakh. The amount was recovered in new currency notes from them.

According to sources, Michael was engaged in changing Rs 1.51 crore old currency notes into new ones. He was trying to get new currency notes through the State Bank of Mysore in Bengaluru against whose officials too the CBI had lodged a case.

On the same day, sleuths of the investigative agency held an alleged hawala operator KV Veerendra in connection with a seizure of Rs 5.70 crore in new Rs 2,000 notes from his residence/office in Karnataka.

Veerendra was produced before a Bengaluru special court which sent him into CBI custody for six days.