Reserve Bank of India (RBI) official K Michael was on Tuesday arrested by the Central Bureau of Investigation (CBI) in connection with seizure of Rs.5.70 crore in new currency, according to sources.

No official confirmation of the RBI official’s name or designation has been made so far but according to initial reports he was a special assistant with the Bengaluru branch.

“Along with Michael, eight other people were arrested by the CBI,” media reports stated, adding, the “other eight people were middleman”. 

Michael allegedly exchanged Rs.1.50 crore of banned currency notes.