Published: Wed, January 17, 2018
Finance | By Loren Pratt

Nearly Rs.100 Crore Banned Notes At Kanpur Home

Nearly Rs.100 Crore Banned Notes At Kanpur Home

The Kanpur police on Tuesday evening arrested 16 persons and recovered Rs 97 crore old currency notes from an under-construction house in Kanpur.

"Kanpur police has unearthed a huge amount of old currency notes from a locked house".

Arrested persons are from different regions including Lucknow, Mirzapur and also Hyderabad. Negotiators who promised to get it exchanged were also arrested.

"We received information of the presence of demonetised currency worth crores at a person's residential premises in Kanpur", AK Meena, Senior Superintendent of Police (SSP) said. "As per the estimate, the seized currency is expected to be in the range of Rs 80 crore", a police officer told PTI on Wednesday.

The cops along with NIA team and RBI officers then raided a hotel and took some people in custody for alleged connection with the recovered money.


Once the builder was caught, he led to the site where the notes were stored. 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. "We were getting information that efforts are on to stack currency and exchange it in some manner", said Anand Kumar, the acting police chief of Uttar Pradesh. According to the investigating agency suspicions, the cash was kept a secret with an intention of converting the money into legal currency through illegal ways.

Among the arrested, two are from Andhra Pradesh and one from Maharashtra.

In its annual report for 2016-17 released on August 30, the RBI had said Rs 15.28 lakh crore, or 99% of the demonetised 500 and 1,000 rupee notes, have returned to the banking system.

In November previous year, the NIA had recovered Rs 36 crore in old banknotes from Delhi.

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