Bengaluru: CBI arrests two RBI officials for illegally converting black money
Bengaluru: Two more Reserve Bank of India (RBI) officials in Bengaluru were arrested by the CBI on charges of violating the guidelines issued by the RBI regarding demonetisation and issuing new currency to the tune of Rs 1.99 crore without any documents.
Sadananda Naika, a Senior Special Assistant in the Cash Department, and A.K. Kavin, Special Assistant in the same department, are the arrested accused. The CBI registered an FIR against the two and other unknown officials of the RBI on Friday.
CBI officials said that the accused conspired with various private persons in exchanging Rs 500 and Rs 1,000 demonetised currency notes with valid legal tender. By abusing their official position, they have fraudulently exchanged the demonetised currencies into valid legal tender meant for exchange by the public by violating the guidelines issued by RBI.
“The accused people along with other unknown officials having been entrusted with the responsibility of remitting new currency notes in exchange of old notes, fraudulently gave away new currency notes to unknown RBI officials and others in replacement of old notes to the tune of about Rs 1.99 crore, in violation of the currency exchange limits imposed by the RBI.”
“The two accused in conspiracy with others facilitated individuals in laundering of ill-gotten money for pecuniary advantage for themselves and to unknown RBI officials and other unknown persons,” a CBI official said.
Also, it is revealed that as per the statistics available at the Cash Department at RBI, Bengaluru, documents required to be obtained for exchange of old notes, are not available for Rs 1.99 crore between November 10 and 13 at different cash counters.
This shows that the amount was exchanged without receipt of the prescribed documents and handed over to unknown RBI officials and others, the official said.
“It is found that out of Rs 1.99 crore, an amount of Rs 60.30 lakh was exchanged at the Counter E-1 manned by the accused duo, without receipt of requisite documents. Similarly, fraudulent exchange has taken place in other counters also,” the official said.
The accused have been booked under various sections of the IPC and Prevention of Corruption Act.
Earlier on Tuesday, the CBI had arrested a RBI official K Michael, a senior special assistant, Issue Department, for allegedly helping one of his friends convert demonetised currency to the tune of Rs 6 lakh into Rs 100 denomination notes at State Bank of Mysore, Kollegala branch without proper documentation.
CBI had on December 6, registered a case against Parashivamurthy, a senior cashier of SBM in Kollegala for allegedly laundering Rs 1.51 crore of new currency in exchange for old demonetised notes without proper documentation, for alleged pecuniary benefits. Further investigation had revealed involvement of Michael.
