Karnataka: ED seizes Rs 93 lakh in new currency notes, seven arrested

More than Rs 250 crore in newly introduced currency notes after demonetisation has reportedly been confiscated in multiple raids

By: Express Web Desk | New Delhi | Updated: December 13, 2016 1:26 pm
karnataka, karnataka cash seized, latest cash seizure, enforcement directorate, ED, ED raid karnataka, new currency seized, bank managers corruption, demonetisation, narendra modi, bank manager black money, illegal currency exchange, new notes exchange illegal The new Rs 2,000 notes. Express Photo

Enforcement Directorate (ED) officials on Tuesday seized Rs 93 lakh in new currency notes from seven middlemen in Karnataka. According to a report by ANI, the ED officials presented themselves as customers to the middlemen and managed to lure them into a trap. This new seizure by ED adds to the series of similar confiscations been made recently throughout the country, revealing an illegal money currency exchange mechanism between black money holders and senior bank employees.

The reports also suggest that the middlemen had links with bank managers and they were allegedly taking 15 to 35 per cent commission for exchange of notes. Further investigation is being carried out to identify those to whom the money belonged and the bank officials involved in this.

WATCH VIDEO : Guwahati: More Than Rs 1.54 Crore In New Currency Notes Seized From Businessman’s House

More than Rs 250 crore in newly introduced currency notes after demonetisation has reportedly been confiscated in multiple raids carried out in different parts of the country in past one month. The Home Ministry has also taken cognizance of the matter and conveyed to the banks that is is closely monitoring the situation.

The present dispensation led by Prime Minister Narendra Modi has drawn a lot of flak from Opposition parties for their alleged lack of preparation ahead of the demonetisation move, which has caused long queues outside banks and ATM kiosks.

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  1. R
    rjegadeesan
    Dec 13, 2016 at 4:36 am
    it is ok .there is no raid in so many other states .can we presume the w country is honest except very few.
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    1. Abu Fitna
      Dec 13, 2016 at 10:10 am
      A typical observation!
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        kris
        Dec 13, 2016 at 12:48 pm
        and why should people in power should awnser?lt;br/gt;will you keep asking questions to Home minister for every criminal caught?
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          Archpagan
          Dec 13, 2016 at 12:57 pm
          Some of the bank officials are looking upon demonrtization as God-send opportunity to make money.
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            ATWOZ
            Dec 13, 2016 at 8:58 am
            Blind Bhakts have no answer and will always cover there Bosses back by naming Congi for all his misdeeds.lt;br/gt;lt;br/gt;Ask our dear PM to answer when the agenda was to remove Black Money how come some of them have stored such large amount ? Who gave them? has no guts to speak in parliament with majority given by people of India but can speak on twitter and phone calls in public rallieslt;br/gt;lt;br/gt;Jai Hind!!!
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