On Tuesday, senior special assistant of Reserve Bank of India arrested by the Central Bureau of Investigation in Bengaluru for alleged involvement in exchanging of old currency notes.
According to the sources, senior officer namely K Michael along with two other persons also arrested over his involvement in money laundering activities and holding unaccounted cash.
K Michael and other two persons were involved in changing approximately Rs 1.51 crores unaccounted old currency notes into new currency notes and they were exchanging the notes at the commission of 15-30 percent.
Arrested RBI officer including other two were trying to exchange new currency notes through the State Bank of Mysore in Bengaluru.
After the announcement of scraping higher value notes of Rs 500 and 1000 to curb black money and corruption , Government has unveiled certain incidents like this Bengaluru incident and number of cases related to seizure of new and old currency notes.