Finance

UP police busts biggest haul of demonetised currency notes in Kanpur

UP police busts biggest haul of demonetised currency notes in Kanpur

The Uttar Pradesh Police and the National Investigation Agency on Wednesday seized demonetised currency notes to the tune of around Rs 97 crore from a locked house in Kanpur, ANI reported.

A UP police official said that a builder from Sisamau took the team to the site where the currency was held. All of them were arrested on Tuesday.

The NIA conducted raids on the basis of inputs from the Uttar Pradesh Police and the raids are continuing, reports said, adding that the exact amount of money would be ascertained later.

In November 2016 after a sudden step of the government towards demonetization, the government declared to deposit all the old notes of Rs. 500 & Rs. 100 within just 1 month and banned completely the same since 1 January 2017. The Act ends the liability of the Reserve Bank of India and the government on the demonetised currency notes.

Several of the arrested people are from Lucknow, Mirzapur and Hyderabad. In November a year ago, the NIA had recovered Rs 36.34 crore in demonetized money in Delhi.

The seized currency is likely to be around Rs. 100 crore and the owner of the house is identified as Ashok Khatri who runs the business of money exchange.

NIA got the information that huge amount of demonetised currency was being stored in an under construction house in the Swarup Nagar locality of Kanpur.

Initially, they tried to mislead police, but later during intensive interrogation, they broke down and confessed their crime, the SSP said. "The police will investigate the source of the currency and the link of the arrested people with the hawala counterparts in other parts of the country", he said.

Police also raided three hotels from where 11 people including Santosh Yadav, a professor, were arrested, he said. Download The for your device.


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