Demonetised currency worth Rs 80 crore seized from Kanpur

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. "The quantity of Rs 1,000 notes was more in comparison to Rs 500 notes", said SSP further.

Uttar Pradesh Police and the National Investigation Agency (NIA) in a joint raid conducted in Kanpur on Tuesday uncovered old currency notes worth Rs 80 crore.

Among those nabbed, four were involved in the conversion of illegal money in the Swaroop Nagar area, leaving police baffled as to whether some bank employees were involved in clandestinely replacing the demonetised currency notes in strong rooms.

It took cops complete one night to count the money stacked up in form of a bed of currency.

An interrogation by the I-T department officials is underway.

A builder from Sisamau led the team to the site where the currency was stocked, an UP police official said. On the tip-off provided by them, three others including Anand Khatri, a prominent city builder and two other locals including Santosh Yadav, a professor of DAV college and Mohit Dhingra, were arrested.

Senior Superintendent of Police Akhilesh Kumar Meena said Wednesday that Rs 95 crore belonged to Anand Khatri, the builder, and over a dozen others owned the remaining amount.

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.

Police sources said they had heard over the past month that some people from various parts of the country had been gathering in Kanpur to exchange the old currency for new notes for a 50 per cent fee.

Sixteen people were arrested, including a noted builder, and a professor.


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