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RBI official booked for 'illegal currency exchange'
One among nine arrested for allegedly exchanging Rs 1.50 crore of banned currency notes, is identified to be an RBI official.
According to the CBI sources, K Michael, is an RBI official in Bengaluru. The other right were middlemen who allegedly got money converted for a fee. Nearly Rs 1 crore was found in the raids that were conducted over the past few days. "They charged between 15% to 30% for conversion," a source said.
The CBI unearthed this scam by having its officials pose as 'customers' looking to get the old notes exchanged illegally, by bribing the middlemen. The sources further added that, one of the middlemen was related to a government official. No confirmation on who this official was immediately available.
