THE CURRENCY notes were hidden in the bathroom, under beds, stuffed into sofa cushions and in pillow cases — in all a whopping sum of Rs 2.19 crore. In its first raid in Chandigarh after the November 8 demonetisation of Rs 500 and Rs 1,000 notes, the Enforcement Directorate (ED) has recovered wads of new and old currency notes from the Sector 22 home of a cloth merchant, Inderpal Mahajan.
The raid was conducted on Tuesday evening and continued late into the night. Police have arrested the merchant and suspect the connivance of some bank officials, too.
Watch What Else Is making News
Police arrested Mahajan under Sections 409 (criminal breach of trust ) and 420 (cheating) of the Indian Penal Code (IPC) at Sector 17 police station.
Of the total cash recovered, Rs 1.5 crore was in old Rs 1,000 notes, Rs 17.74 lakh in new Rs 2,000 currency denominations, and Rs 12,500 in new Rs 500 currency notes.
ED joint director Inder Pal Singh Sidhu said they had got a tip-off that Mahajan was involved in exchanging demonetised currency notes into foreign currency and new Indian currency notes. He said the ED raided his house with the help of the local police.
“Most of the recovered new currency notes are in chronological serial numbers which means that the currency was taken from the same bank. We suspect the role of bank officials,” he said.