Demonetised notes worth Rs 97 crore found in Kanpur, 16 arrested

Demonetised notes worth Rs 97 crore found in Kanpur, 16 arrested

The Centre had banned high-value notes of Rs 500 and Rs 1,00o in a surprise move in November 2016.

Kanpur IT raids, Demonetised notes, Kanpur raid on demonetised notes, old notes found in raid, Indian Express
Kanpur: Demonetised currency worth crores found from a locked house. (ANI/Twitter)

The Kanpur police on Tuesday evening arrested 16 people and recovered Rs 97 crore old currency notes from an under-construction house in Kanpur. Acting on a tip-off from National Investigation Agency (NIA), the Kanpur police conducted raids at three different hotels and a house.

Assistant Superintendent of Police, Kanpur, Anurag Arya said 16 persons were caught in the raid and Rs 97 crore old notes in the denomination of Rs 1,000 and Rs 500 have been recovered. The Centre had banned the circulation of these high-value notes in November 2016.

Those arrested are from Lucknow, Mirzapur, Hyderabad and other places. “Major portion of the demonetised notes was recovered from an under-construction house at Swaroop Nagar. The house belongs to businessman Anand Khatre who is among those arrested,” Arya said.

“Other arrested persons are collection agents of their areas and they claim to have come to Kanpur with old notes to exchange them with new notes,” he said.


An FIR has been lodged in this connection and an investigation is underway. The ASP said a team from the Income Tax Department also reached Kanpur on Wednesday.

“Kanpur police has unearthed a huge amount of old currency notes from a locked house. Negotiators who promised to get it exchanged were also arrested. As per the estimate, the seized currency is expected to be in the range of Rs 80 crore,” a police officer told PTI on Wednesday.

“The accused have told us the routes of the movement of the notes. Further investigation is needed to draw conclusion,”ANI quoted Alok Singh, IG Kanpur as saying.