A businessman from Kolkata was arrested by Enforcement Directorate Thursday for allegedly converting over Rs 25 crore old notes into new, ANI reported. He has been identified as Parasmal Lodha, a well-known businessman with interests in real estate and mining. Lodha was previously detained at Mumbai airport after Income-Tax sleuths discovered that the cash seized from the office of lawyer Rohit Tandon in Greater Kailash-1, Delhi belonged to him, according to News18. His daughter was recently married in a high-profile wedding that was attended by several politicians.
The ED earlier on December 1 raided multiple hawala operators across the country involved in illegal conversion of old currency notes of Rs 500 and Rs 1,000 to valid legal tender since demonetisation on November 8. They raided multiple locations in Delhi, Mumbai, Kolkata, Hyderabad, Bengaluru, Ahmedabad, Chennai among others based on intelligence gathered by the agency.
Two days after Prime Minister Narendra Modi announced scrapping of Rs 500 and Rs 1,000 notes to curb corruption and black money, the Income-Tax department raided several hawala dealers and jewellers across the country for cutting barter deals with people to convert invalid currency notes into valid legal tender.
With inputs from ANI