The Delhi Police crime branch on Tuesday evening raided the office of a chit-fund company owner in west Delhi’s Janakpuri and seized scrapped banknotes worth Rs4.25 crore. The owner of the company, identified as Anil Jain, was taken into custody for questioning.
Madhur Verma, deputy commissioner of police (crime branch), confirmed the seizure of demonetised banknotes from Jain’s office. According to Verma, Jain had collected the banned notes in denomination of Rs1,000 and Rs500 from various businessmen after promising them to get the notes exchanged with valid banknotes on 50% commission basis.
“Jain had planned to hire a cash van to transport the scrapped notes from his office to the place where they were to be exchanged with valid notes. We are questioning Jain to know the source through which he had claimed to get the notes exchanged,” said Verma, adding they have also identified two associates of Jain who were part of the illegal deal.
A senior crime branch official said that they raided Jain’s office after their informers shared information that a chit fund company owner was collecting demonetised banknotes from businessmen after promising them to get them exchanged on commission basis.
“We seized the scrapped banknotes under section 103 of Delhi Police act as Jain failed to give a satisfactory account about the presence of invalid notes at his office. We are taking legal action against him. He will be produced before the concerned court,” said Verma.
Meanwhile, the income-tax department was also informed about the raid. Two senior income-tax department officers joined the investigation later in the evening. According to the officer, the probe will finally be handed over to the income-tax officials for further investigation.
“Income-tax department officials will question Jain to establish the source through which he collected scrapped banknotes. They will also ask him to reveal the source through which he had planned to exchange the banned notes,” the officer said.
This is the second such seizure of scrapped notes by the Delhi Police in the last one week. On last Tuesday, four men allegedly trying to illegally exchange Rs6.18 crore in banned currency notes were caught from south Delhi’s Safdarjung Enclave by the south Delhi Police. The men worked as property dealers and share brokers in West Delhi areas. They were carrying the notes in suitcases in two cars, a Honda City and a Maruti Ritz when the police swooped down on them.