Demonetization and corruption in RBI

Demonetization and corruption in RBI

Demonetization and corruption in RBI. Image Courtesy – IBTimes

It’s really shocking news to citizens of India, that even the corruption has entangled Reserve Bank Employees of India. The ‘Law Makers’ are on the verge of breaking laws.

The CBI arrested a Reserve Bank of India Employee in Bengaluru on charges of money laundering. The CBI detectives arrested Michael Kattukaran, a senior special assistant at the RBI’s issue section with two other persons at Bengaluru. The news has been disclosed about Kollegal branch of the State Bank of Mysore, in connection with the money-exchange racket. The CBI personnel recovered Rs.17 lakhs from the accused persons.

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Kattukaran with his assistants were found involved in 12 money-transferring cases. The Head cashier of SBM Parashivamurthy was also involved with him. They had transferred some amount of Rs.1.51 crore old, demonetized currencies into new currency notes.

The Times of India released the news that Michael Kattukaran was to the ‘currency chest’ at Kollegal to dispatch new currency notes after the demonetization announcement occurred. In the meantime, he made a union with Parashivamurthy and others and converted currency notes of 13 clients with a commission of 30%.

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So, this is the situation of the country, where the ‘law-maker’ himself is corrupted. How can the people of this country rely on them?

This was one of the significant incidents, which was being traced by the CBI. But, there are so many cases in India like this happening beyond the vigilance of CBI. These people are actually destroying the economy of India – the central government is unable to control these corruptions. All the sufferings have been written into the fate-line of common people.

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