7 Caught With Rs. 93 Lakh In New Notes, Raid Team Posed As Customers

Investigators posed as customers in Karnataka to catch seven people who were allegedly laundering black or untaxed money for a price. Around Rs.93 lakh in new notes has been found on them.

One of the arrested men is allegedly the relative of a government official.

Officers of the Enforcement Directorate raided several areas to zero in on the touts.

The accused men were allegedly charging 15 to 35 per cent commission to convert old notes, banned on November 8 by the government to choke tax evaders.

In another case, four bank officers have been accused by the police of converting black money, after Rs. 5.7 crore cash was seized from a hawala operator, who was arrested today.

While endless queues at banks and ATMs reflect on the continuing cash crunch and shortage of new Rs. 500 and 2,000 notes, crores in new cash has been found in raids across the country over the past few weeks.

Raids on the office of lawyer Rohit Tandon in South Delhi yesterday revealed money – around Rs. 14 crore – that had to be taken in three large cars, packed in nearly six suitcases and four steel trunks. More than Rs. 2.2 crore of the money was in Rs. 2,000 notes.

The raids began on Saturday night after a tip-off. Mr Tandon had reportedly disclosed in October that he had Rs. 125 crore but little to account for it.