Tuesday, Jan 31, 2023

Karnataka: CBI arrests two RBI officials over illegal exchange of demonetised notes

The arrested RBI employees were involved in alleged currency conversion of Rs 1.99 crore illegally post demonetisation.

 demonetisation, demonetisation effect, CBI, RBI officials, RBI officials arrested, illegal exchange-RBI, RBI-demonetisation, India news, Karnataka new currency notes, Karnataka new cash seized, cash seized in Karnataka, Indian Express Photo for representational purpose

The Central Bureau of Investigation (CBI) on Saturday arrested two Reserve Bank of India (RBI) employees from Bengaluru in connection with unauthorised exchange of demonetised notes. According to CBI sources, Senior Special Assistant Sadananda Naik and Special Assistant A K Kavin were held for unauthorised exchange of the currency and have been booked under charges of criminal conspiracy and cheating besides provisions of Prevention of Corruption Act.

These employees were allegedly involved in currency conversion of Rs 1.99 crore illegally post demonetisation. 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.

In addition, she said that the accused, along with other unknown officials, “fraudulently” gave away new currency notes to the tune of Rs 1.99 crore to RBI officials and others.

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More than Rs 250 crore in newly introduced currency notes after demonetisation has reportedly been confiscated in multiple raids carried out in different parts of the country in past one month. The Home Ministry has also taken cognizance of the matter and conveyed to the banks that is it is closely monitoring the situation.

The present dispensation led by Prime Minister Narendra Modi has drawn a lot of flak from Opposition parties for their alleged lack of preparation ahead of the demonetisation move, which has caused serpentine queues outside banks and ATM kiosks.

With inputs from PTI

First published on: 17-12-2016 at 17:48 IST
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