Bangalore Two Rbi Officials Held For Currency Exchange

Bangalore Two Rbi Officials Held For Currency Exchange

Bangalore Two Rbi Officials Held For Currency Exchange
Bangalore Two Rbi Officials Held For Currency Exchange

Bengaluru:Bangalore Two Rbi Officials Held For Currency Exchange. The CBI officers arrested two Reserve Bank of India (RBI) officials in Bengaluru.Allegedly involved in an illegal exchange of nearly Rs 2 crore in spiked currency notes, officials said on Saturday.
A CBI official said a senior special assistant and a special assistant of the RBI’s cash department were held after they were found exchanging scrapped banknotes with Rs 100 and new Rs 2,000 bills. This was being done in violation of exchange limits imposed by the central bank. The accused had given away new notes amounting to Rs 1.99 crore to some people, the official said.

Special assistants in the cash department of RBI, Sadananda Naika and A K Kavin, were produced before a special court in Bengaluru, which sent them to CBI custody for four days.

They have been booked under Sections 420 (cheating), 406 (criminal breach of trust), 409 (criminal breach of trust by public servant, or by banker, merchant or agent) and 477-A (falsification of accounts) of the Indian Penal Code. The duo has been also booked under relevant sections of the Prevention of Corruption Act.

Bangalore Two Rbi Officials Held For Currency Exchange

Naika and Kavin, along with “unknown” officials, were entrusted with the responsibility of remitting new banknotes in exchange for demonetised notes. However, they “fraudulently gave away” new currency notes to unknown RBI officials and others in exchange for demonetised notes in violation of the currency exchange limits imposed by RBI.

The Central Bureau of Investigation suspects that more people, including some RBI officials, may be involved in the criminal conspiracy. Criminal charges have been slapped against the accused, who were taken into four day custody of the premier probe agency. The agency had earlier arrested a senior RBI official for allegedly laundering money running into millions of rupees.

Bangalore Two Rbi Officials Held For Currency Exchange

The arrest was made after the CBI on December 6 registered a case against a senior cashier for allegedly laundering Rs 1.51 crore of new currency in exchange for old currency after the government demonetised those on November 8.

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