CBI arrests Senior Special Assistant of Reserve Bank of India

Bengaluru: The Central Bureau of Investigation on Tuesday arrested the Senior Special Assistant of the Reserve Bank of India (RBI) K Michael including two others in Bengaluru for their alleged involvement in exchange of banned currency notes.

According to the sources:

• Michael including two others was involved in exchange of old Rs 500 and Rs 1000 currency notes worth Rs 1.51 crore.
• The new currency notes were obtained from the State Bank of Mysore in Bengaluru.

It may be recalled that on December 10 the Karnataka and Goa wing of the Income Tax department seized Rs 5.7 crore in new currency recovered from a secret locker of bathroom in Hubballi at the residence of JDS leader and casino owner KC Veerendra.