Bengaluru, 13 Dec: The crime investigation Bureau has arrested senior Special Assistant of RBI in Bengaluru for alleged involvement in currency exchange.
RBI officer K Michael and two other persons were arrested on charges of money laundering activities and unaccountable cash of Rs 16 lakh in new currency notes was recovered from their possession.
According to sources, Michael was involved in exchanging Rs 1.51 crore now defunct currency notes. He was trying to get new currency notes through the State Bank of Mysore in Bengaluru. The CBI has registered a case against officials of State Bank of Mysore.
Eight men have also been arrested in a series of raids in which crores in new notes have been found.
Investigators pretended to be customers to catch the eight middlemen allegedly involved in laundering black or untaxed money for a price. Around Rs. 93 lakh in new notes was recovered from them in raids over the weekend.
Read Full Story at: 7 held as ED seizes Rs 93 lakh new notes in Karnataka