ED arrests businessman Parasmal Lodha for allegedly converting Rs 25 cr old currency into new

Parasmal Lodha is a well known businessman with interests in real estate and mining.

By: Express Web Desk | New Delhi | Updated: December 22, 2016 10:47 am

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 

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  1. D
    Dec 22, 2016 at 6:49 am
    these peple are used by politicians to convert ther blackmoney. tgats why bibi mamtaBano and kejrilaal were protesting IT raids.
    1. B
      Dec 22, 2016 at 4:59 am
      This is a good catch. However the name of not a single politician has come to limelight whereas the average growth of the wealth of the politicians is well over 500% in the last two decades. How?
      1. B
        Dec 22, 2016 at 5:46 am
        only businessman and public servant have been raided by income tax and ED PEOPLE. What about politicians who r the mastermind in aming wealth.why no action on them .more than 85 percent politicians in the present political dispensation r crorepati.where did the get the wealth from of course not through hard earning.govt is trying to fool the guillible and projecting themselves a holy cow and balance of section of society as corrupt.
        1. H
          Dec 22, 2016 at 5:24 am
          ha ha....why do you vote for such politicians...
          1. K
            Dec 22, 2016 at 8:25 am
            Only 25 crores? I can personally vouch this man has / had at least 150-200 crores in cash. What did he do with the rest.lt;br/gt;lt;br/gt;In Calcutta alone you could catch at least 50,000 who have / had more than 100 crores in cash. Start with all the names of flat owners in Alipore, New Alipore and Ballygunge, Kalighat who are not employee of some company. And you would have your 50,000 who have/had at least 100 crores black money tucked away. Just pick up the 1000 odd jewelers and they would have more than 100 crores in cash. A lot of that they spend in interior decoration and designers. So catcheck their interior designers and you have another 500 with more than 100 crores. Then just pick up the kolkata builders -even small ones who are part of Mamata syndicate - and you have another 2000 who have more than 100 crores stashed away.lt;br/gt;lt;br/gt;I am betting the IT depth employees of Kolkata know it but most of them are on the take themselves.
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