Bengaluru: CBI arrests two RBI officials in currency conversion case | india-news | Hindustan Times
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Bengaluru: CBI arrests two RBI officials in currency conversion case

black money crackdown Updated: Dec 18, 2016 09:27 IST

People in queue with old Rs 500 notes in front of the RBI office in Kolkata.(Subhankar Chakraborty/HT PHOTO)

The Central Bureau of Investigation (CBI) has arrested two employees of the cash department of Reserve Bank of India in Bengaluru for alleged conversion of Rs 1.99 crore of demonetised currencies with banknotes of Rs 2,000 and Rs 100.

CBI sources said senior special assistant Sadananda Naika and special assistant AK Kavin were arrested for unauthorised exchange of the currency, and have been booked under charges of criminal conspiracy and cheating besides provisions of Prevention of Corruption Act.

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

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“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.

She 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.

The CBI had earlier arrested another employee of RBI in a separate case in which currency worth over Rs 6 lakh was converted by him using influence over officials of the State Bank of Mysore.

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