2 more RBI officials arrested for exchanging old currency notes worth Rs 1.99 crores illegally

The Central Bureau of Investigation on Saturday arrested two Reserve Bank of India (RBI) officials from Bengaluru for allegedly exchanging old notes worth Rs 1.99 crores illegally.

Earlier this week, the CBI arrested a senior official from the Reserve Bank of India for helping touts convert the now banned Rs 500 and Rs 1000 currency notes in new notes in Bengaluru.  According to reports, he has helped someone exchange Rs 1.5 crore.

Also, just a day after the Income tax department found 20 fake accounts of companies, in the Noida branch, the Income Tax department has reportedly found 12 fake accounts in Krishna Nagar branch of Axis Bank in Delhi.

According to ANI’s IT sources, was able to track these fake companies as black money holders had used several branches of Axis Bank to make transactions.

Recently, the Enforcement Directorate arrested 7 middlemen and recovered Rs 93 lakh new notes in Karnataka.

The Income tax department also recovered  Rs 5.7 crore cash in new notes were recovered from hawala dealer’s ‘secret bathroom chamber’. The  Jaipur police also seized Rs 58 lakhs in new Rs, 2000 currency notes on Monday.

Reports suggest, that these people involved in these middlemen are involved in the illegal conversion of demonetised notes and have been charging a commission to exchange the old currency notes.The IT Department also seized Rs. 1.56 crore including Rs. 1.38 crore in new 2,000 currency notes from various branches of the Integrated Urban Co-operative Bank. The total assets seized amounted to Rs. 2.20 crore, including two-kilogram gold.Also seen is an emerging nexus involving bankers, middlemen, and the black-money holders. The Delhi High Court extended the Police Custody of Axis Bank manager Vineet Gupta and sending another manager into 14-day judicial custody. Both the bank officials were arrested after they were accused to have been involved in the conversion of the old currency notes into the new ones.The Bank has suspended both the officials.

A number of other cases across the country have also popped up after the Income Tax department have gone ahead and seized unaccounted income in surprise raids post Prime Minister Narendra Modi’s decision to demonetise Rs 500 and Rs 1000 notes.