Shocking : Arrested Bengaluru RBI officer laundered money for 30% Commission

BENGALURU: Continuing its crackdown on fraudsters after demonetisation, Central Bureau of Investigation arrested on Tuesday a Reserve Bank of India employee in Bengaluru on charges of money laundering as reported by Times of India.

CBI officers arrested an RBI Official Named Michael Kattukaran, who was posted as a senior special assistant at the RBI’s issue department in Bengaluru, and two other people. The arrest came in the wake of a money-exchange racket linked to the State Bank of Mysore’s Kollegal branch. CBI officers said the investigators recovered Rs 17 lakh from the accused.

Michael and his accomplices, including SBM head cashier Parashivamurthy, were said to be involved in 12 cases of money laundering. They are accused of exchanging Rs 1.51 crore worth of demonetized notes for new currency. Michael ‘s is the first arrest of an officer of the Reserve Bank of India.

“Michael was sent to the currency chest in Kollegal to remit new currency notes after the announcement of demonetization. He allegedly joined hands with Parashivamurthy and others to convert money benefiting 13 parties for a 30% commission,”This was disclosed by officials of Reserve Bank of India to ToI

Source: ToI