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Demonetised notes worth Rs 100 crore seized from Kanpur

demonetised notes

Kanpur: The National Investigation Agency (NIA) and Uttar Pradesh Police have recovered banned currency notes worth close to Rs 100 crore from a house in Kanpur in Uttar Pradesh.

The haul, with banned notes making up a bed-sized stack of cash, is the biggest since Rs 500 and Rs 1000 notes were removed as legal tender in November 2016 during the demonetisation drive.

Reportedly, the currency belonged to four-five “individuals or companies”, including a prominent detergent-maker.

The police named the owner of the house as Ashok Khatri, who runs a money exchange business. “We received information of the presence of demonetised currency worth crores at a person’s residential premises in Kanpur, and a raid was conducted,” said a senior police official, adding that they were still counting the recovered currency.

“We got the information that a huge amount of demonetised currency was being stored in an under-construction house in the Swarup Nagar locality of Kanpur… Since there was no terror angle involved, the information was shared with the Uttar Pradesh police and a joint raid was conducted,” a senior NIA official told reporters.

The NIA had seized over Rs 36 crore in demonetised currency notes in Delhi in November 2017, allegedly linked to the financing of terrorism and separatist activities in Jammu and Kashmir.

According to RBI estimates, more than 99 percent of the demonetised notes have returned to the banks.

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