Money laundering has been on a rise after Demonetisation. People have opted illegal ways to exchange the black money to make it white. In the last week, CBI has arrested seven middlemen, one RBI official and one Bank of Mysore officer in money laundering case at separate instances.
The CBI sleuths arrested two RBI officers in Bengaluru under money laundering case.
On Saturday, the CBI sleuths made yet another arrest in regard to the unauthorized exchange of demonetised notes. A senior Special Assistant Sadananda Naika and Special Assistant A.K. Kavin of cash department were remanded by the CBI in connection with money laundering. The two accused were arrested for converting Rs.1.99 crore illegally. This is the second RBI arrest in Bengaluru, in the previous week CBI sleuths arrested a senior RBI official for laundering Rs.1.51 crore od old currency notes and converting them to new notes.
The RBI issued suspension orders and ordered an in-depth probe into the incident.
The RBI issued suspension order for A.K. Michael and ordered CBI to probe further into the incident.
Huge stashes of old and new currency notes, in the money laundering business, have been seized by the CBI in Bengaluru, Karnataka over the course of the month.
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