Economy

Demonetised notes worth Rs 100-cr seized in Kanpur, 16 detained

Demonetised notes worth Rs 100-cr seized in Kanpur, 16 detained

Complete cash recovered was in the denominations of Rs 500 and Rs 1000 which were banned by Prime Minister Narendra Modi in November 2016.

Around Rs 100 crore worth of demonetised currency was seized from an under-construction house in Swarup Nagar locality of Kanpur by National Investigation Agency (NIA) sleuths and Uttar Pradesh cops, it was reported on Wednesday. The police who raided the house started counting the demonetised cash a little after midnight and by this morning had reached a whopping figure of Rs 97 crore with more notes left to be counted.

However, the counting is on to ascertain the exact amount of money.

"We received information of the presence of demonetised currency worth crores at a residential premises in Kanpur".

A few more people have also been arrested who had promised an exchange of the currency from the bank.

Once the builder was caught, he led to the site where the notes were stored.

More news: Consumers raise eyebrows over inflating fuel prices

Police also raided three hotels from where 11 people were arrested.

"Khatri is believed to be the mastermind of the racket", said the police officer claiming that maximum notes were seized from Khatri's location and two persons among 16 arrested by the police hailed from Hyderabad.

The arrested were identified as Anand Khatri, builder, Santosh Yadav, professor, key liasioner Mohit Dhingra, Sanjay Agarwal, Manish Agarwal - all residents of Kanpur, Koteshwar Rao from Andhra Pradesh, Sanjay Kumar from Varanasi, Anil Yadav from Saharanpur.

"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.

The Income Tax department has been informed about the recovery and asked to find out how the money was to be exchanged.


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