Rs. 100 Crore demonetized currency seized from Kanpur Home

by Ben Pena January 18, 2018, 3:49
Rs. 100 Crore demonetized currency seized from Kanpur Home

Following the government banned 500 and 1000 rupee notes, hundreds of crores of the demonetized currency have been directed into the formal banking system of which a larger part of them is illegal.

Nearly Rs 100 crore in demonetised notes were seized in different places in Kanpur on Tuesday night, prompting some bankers to laugh it off as a worthless caper but others to spy the tip of a money-laundering operation.

The wads of currency notes in the denomination of Rs 500 and Rs 1,000 were neatly stacked inside the bed and kept in suitcases and also stuffed in sacks, the photographs of which went viral in the electronic media.

Since the old notes are now worthless paper and can no longer be deposited, several bankers dismissed it as a fake note racket.

An interrogation by the I-T department officials is underway. "A raid was conducted by teams of the Reserve Bank of India (RBI) and Income Tax (IT) department officials", an official told ANI.

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Rs 95 crore belonged to Anand Khatri, the builder, and over a dozen others owned the remaining amount.Inspector General (Kanpur Range) Alok Singh, who has provided City police specific inputs, was supervising the case.

"We got the information that huge amount of demonetised currency was being stored in an under construction house in the Swarup Nagar locality of Kanpur.Since there was no terror angle involved, the information was shared with the UP police and a joint raid was conducted", said a senior NIA official who spoke on the condition of anonymity.

Initially the arrested persons tried to mislead police, but later during sustain grilling they broke down and confessed to their crime, the police said.

The police has yet not revealed the name of persons arrested and further investigation is going on into the matter. Download The for your device.

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