Senior RBI official arrested for allegedly money laundering a crore

December 13, 2016 13:18

A senior Reserve Bank of India or RBI official has been arrested in Bengaluru for allegedly helping convert banned notes. Eight men have also been arrested in a series of raids in which crores in new notes have been found.

K Micheal, a senior special assistant with the RBI Bengaluru, has been arrested by the CBI. He was allegedly involved in helping convert black or untaxed money. More than Rs. 1.50 crores was involved in one case.

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.
-- NDTV.

Image: New notes of Rs 2000 and Rs 500 seized at a raid in Karnataka

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