Published: Fri, May 19, 2017
Sci-tech | By Carrie Guzman

Chennai: Rs 45 crore old notes seized

Chennai: Rs 45 crore old notes seized

More than six months after old 500 and 1000 currency notes were announced as illegal tender, the old currency notes worth Rs 45 crore were recovered from a textile shop-cum-residence in Chennai's Zackariah Colony in Kodambakkam on Thursday.

While the notes have no value, the Income Tax department has joined the probe to find out how the owner, D Dhandapani had such a large amount of cash. The police said that the owner of the seized cash has a jewellery shop in Sowcarpet as well as a finance firm in Teynampet.

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A police team from T Nagar, headed by Assistant Commissioner Tamizhselvan, reportedly lead the searches.

The owner of the shop who is now being questioned claimed that the money belonged to a jeweller in the city. MV Ramalingam & Co is a textile shop that stitches uniforms for police officers. Police however seem to suspect that Dhandapani was acting as an agent exchanging old currency notes for a commission. Police said the money could have been stockpiled as his attempts to exchange it proved futile. It is also reported that the Chennai police has made such a big raid for the first time after the demonetisation of old notes that came into effect on November 8. The seized notes will be handed over to the jurisdictional court. The police said that this case might get shifted either to the I-T department or the Directorate of Revenue Intelligence. The raids on the premises of sand mining baron Sekhar Reddy and two of his associates last December have been the biggest so far.

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