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New notes of Rs 93 lakh, 16 kg gold seized, RBI official arrested in separate incidents

ED arrested

Bengaluru/New Delhi:  Retracing a racket involved in illegal conversion of demonetised notes, on Tuesday the Enforcement Directorate (ED) arrested seven middlemen, including a Hawala operator who were allegedly converting black money in banned Rs 500 and Rs 1000 notes into new Rs 2000 currency notes.

In this case Rs 93 lakh new notes have been seized. One of the arrested men is the relative of government official, said sources.

They were allegedly charging 15 to 35 % commission for their work from black money hoarders. In another case, four bank officers have been accused by the police of converting black money.

Meanwhile, the accused are expected to be produced in a local court here for further custody.

16 kg gold found in diapers at IG airport

In another bizarre incident, gold bars weighing 16 kg, worth Rs 4.28 crore hidden in baby diapers were seized at Indira Gandhi International airport, New Delhi on Monday by customs department.

All the fliers were detained by police. According to official, they intercepted six fliers, including two infants, who had arrived from Dubai at 7 am on Monday. All six hail from Surat.

CBI arrests senior RBI official for illegal currency exchange

A senior Reserve Bank of India (RBI) official K Michael has been arrested on Tuesday in Bengaluru for allegedly helping convert banned notes.

He is a senior special assistant in RBI, Bengaluru. However, there is no official confirmation yet of his name or designation.

He is alleged to have helped convert more than Rs 150 crore in one case. The investigation is underway if he was involved in more cases or not.

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