Rs 98 crore demonetised currency seized in Kanpur

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After a recent incident over demonetization currency in Delhi on November 2017, Kanpur police also gets the success over recovering the demonetized currency which is around Rs. 100 crore.

The officer said the banned currency notes of Rs 500 and Rs 1,000 denominations, were stacked in form of a bed in separate rooms at the under construction house of Anand Khatri.

The counting is on to ascertain the exact amount of money. Counting of notes is still underway.

According to the police, they raided a residential house on intelligence information about the presence of the demonetised currency.

As on November 8, 2016, when the note-ban was announced by Prime Minister Narendra Modi, there were 1,716.5 crore pieces of Rs 500 and 685.8 crore pieces of Rs 1,000 notes in circulation, totalling Rs 15.44 lakh crore.

The raid was conducted in Kanpur's Seesamau pocket. An income tax team has also been roped in for the probe.

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Anand Kumar, the additional director general of police (law and order), said the arrested people were being interrogated and multiple agencies have been requested to check their backgrounds. The police named the owner of the house as Ashok Khatri, who runs a money exchange business.

The arrests were made after the police got a tip-off from the NIA.

In the case that emerged on January 17, a Times Now report quoted sources as saying that authorities are looking at the involvement of government officers. The agency also suspects that the accused were planning to covert the demonetised notes into legal currency through some illicit means.

More than 99% of the demonetized notes have been returned to the banks, as per the RBI estimates.

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

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