K Michael, a senior special assistant of the RBI has been arrested by the CBI for alleged being involved in money laundering.
Michael was arrested from Bengaluru for his involvement in helping to convert black money.
So far eight people have been arrested in Bengaluru in connection with various raids across the state where huge amounts of cash, in new currency notes, were seized.
One of the arrested men is the relative of government engineer SC Jayachandra, who was arrested recently after Rs. 5.7 crore in new notes was found during raids at his home.
The latest arrest once again ascertains the allegation from various corners that bank officials are involved in money laundering, illegally helping black money holders to convert their unaccounted money into new currency notes.