Delhi Police seized over Rs 3.6 crore in demonetised currency from three people in north Delhi’s Kashmere Gate on Tuesday night in an operation that raked in the highest haul of unaccounted cash in old denomination notes in the capital since the demonetisation.
A Honda City car in which the three men were moving with the cash was also seized. Those detained include a jeweller, a chartered accountant and his assistant,
Police suspect that the seized cash was black money which the three were trying to convert into white money through illegal ways. They believe that the three men are allegedly part of a well-organised syndicate involved in converting the invalid currency notes into valid currency on commission basis.
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Madhur Verma, deputy commissioner of police (north) confirmed the seizure of the unaccounted black money from the three, but refused to divulge much detail about the identity of the three and other facts related to the matter.
“The recovery of huge cash was made around 8pm on a specific input. We have seized the notes under the provision of section 102 of CrPC. The income tax department has been informed about the seizure. They will probe the matter further,” Verma told to HT. The cash was stashed in the boot of the vehicle, he added.
{{/usCountry}}“The recovery of huge cash was made around 8pm on a specific input. We have seized the notes under the provision of section 102 of CrPC. The income tax department has been informed about the seizure. They will probe the matter further,” Verma told to HT. The cash was stashed in the boot of the vehicle, he added.
{{/usCountry}}Police sources said the three failed to explain the source of the money. The men were taken to the Kashmere Gate police station for further questioning during which they admitted that the money was collected illegally from different businessmen for converting them into valid money.
Read | Demonetisation effect: Taxmen come knocking with 90 searches in 12 days
“The three disclosed that they had opened several bank accounts in which the cash was to be deposited in small parts. The amount was then withdrawn from the accounts as white money and returned to its respective owners after charging a commission ranging between 20 to 30%. They have disclosed the involvement of some bank employees,” said a senior officer.
The police and income tax department officials will now identify and catch the bank employees who work for these unauthorised money exchangers in lieu of a handsome pay.
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