Demonetisation: 2 RBI officials arrested for converting Rs 1.99cr

New Delhi: The Central Bureau of Investigation (CBI) on Saturday arrested two RBI officials in Bangaluru for allegedly converting Rs 1.99 crore from old demonetised currency to legal tender notes of Rs 2,000 and Rs 100.

According to a CBI source, Senior Special Assistant Sadananda Naika and Special Assistant AK Kavin, who were posted in the cash department, were nabbed for illegal exchange of the currency. They have been booked under charges of criminal conspiracy and cheating apart from provisions of Prevention of Corruption Act.

Both the officials have been sent to CBI custody for four days by a special court in Bengaluru.

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"It has been alleged that the accused RBI personnel, with help of other unknown officials, committed the criminal conspiracy with unknown others," CBI spokesperson Devpreet Singh said.

She further said that the accused, with help of other unknown officials, who were givin the responsibility of new currency notes, fraudulently exchanged the new notes of Rs 1.99 crore.

It has also been alleged that the official exchange limit was violated in the exchange process.

Earlier, CBI had arrested another Reserve Bank of India employee in a separate case in which currency worth over Rs 6 lakh was illegally converted.