In a major success to black money crackdown announced by Modi Government, a senior Reserve Bank of India or RBI official has been arrested in Bengaluru for allegedly helping convert banned notes.
According to reports, CBI on Tuesday arrested K Micheal, a senior special assistant with the RBI Bengaluru. He was allegedly involved in helping convert black or untaxed money. More than Rs 1.50 crores was involved in one case, reports said.
Eight men have also been arrested in a series of raids in which crores in new notes have been found.
The CBI investigators pretended to be customers to catch the eight middlemen allegedly involved in laundering black or untaxed money for a price. Around Rs. 93 lakh in new notes was found on them in raids over the weekend. (Read full story here)
One of the arrested men is the relative of government engineer SC Jayachandra, whose interrogation reportedly led officers to the eight middlemen allegedly charging 15 to 35 per cent commission to convert old notes banned on November 8 by the government to choke tax evaders.