2 RBI Officials Arrested For Allegedly Exchanging Old Notes Worth 1.99 Crores Illegally

All India | Press Trust of India | Updated: December 17, 2016 

Two RBI officials were arrested today in connection with alleged conversion of old notes

NEW DELHI: Two officials working in the cash department of Reserve Bank of India in Bengaluru were arrested today in connection with alleged conversion of Rs. 1.99 crore of demonetised currency with specified bank notes of Rs. 2,000 and Rs. 100.

Senior Special Assistant Sadananda Naika and Special Assistant A K Kavin have been booked under charges of criminal conspiracy and cheating besides provisions of Prevention of Corruption Act, news agency Press Trust of India said quoting CBI sources.

Both the accused have been sent to four days of CBI custody by a special court in Bengaluru, they said.

"It is alleged that both the accused and other unknown officials of RBI, Bengaluru entered in criminal conspiracy with unknown others," CBI spokesperson Devpreet Singh said.

The official said the accused, along with other unknown officials, who were entrusted with the responsibility of new currency notes,

"fraudulently" gave away new notes to the tune of Rs. 1.99 crore to RBI officials and others.

It is alleged that the exchange was done in violation of exchange limits imposed by the Bankers' Bank.

CBI had earlier arrested another employee of RBI in a separate case in which currency worth over Rs. six lakh was converted by him using his influence over officials of State Bank of Mysore.