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
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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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