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Over Rs 96 Crores In Demonetised Currency Recovered From Kanpur Residence

DIVYIA ASTHANA | 0
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| January 17 , 2018 , 15:24 IST

Multiple stacks of demonetised currency notes of Rs 500 and Rs 1,000 forming a literal bed were found at a residence in Kanpur, Uttar Pradesh on Wednesday worth more than Rs 97 crore. A total of 16 arrests have been made so far in connection with the case.

Based on a tip-off, the National Investigation Agency (NIA) the police, officers of the Reserve Bank of India (RBI) and Income Tax (I-T) department raided a hotel in Kanpur where they conducted questioning, leading to a raid at the home of businessman and builder Ashok Khatri on Tuesday.

The police discovered the stash of currency notes of Rs 500 and Rs 1000, that were demonetised by the government in November 2016 and began counting the cash soon after midnight. By morning the police had counted Rs 97 crore with more cash to be counted.

Uttar Pradesh ADG Law and Order Anand Kumar confirmed in a statement that 16 people had been arrested.

"Over 96 crores rupees in demonetised currency of Rs 500 & Rs 1000 have been recovered, 16 people have been arrested till now," ANI quoted Anand Kumar as saying.

Allegedly, the money belongs to a group of people. The police suspect that Khatri's business was actually a cover for money laundering, although the involvement of government officers is still being looked into.  

"I am told he is a businessman as a cover but is involved in these kinds of activities. He is the main conduit in the exchange of money. 16 people have been arrested. We were getting information that efforts are on to stack currency and exchange it in some manner," said Anand Kumar.

The "negotiators who promised to get the notes exchanged have also been arrested" have also been arrested, said police sources.

The recovery of the demonetised notes comes months after the RBI said that nearly 99 percent of the demonetised currency had been returned.