Rs 4.23 cr in old notes seized

Tribune News Service

New delhi, March 28

The Delhi Police today recovered around Rs 4.23 crore old currency notes from the office of a businessman, who was allegedly involved in illegal currency exchange.

Anil Jain (35), who runs a chit-fund company, has been detained from the Janakpuri area, a police official said.

The crime branch conducted a raid on Jain's office today and recovered Rs 4.23 crore.

It has been found that the money belongs to some hawala operators and the Income Tax department will conduct further inquiry, the official said.

The inter-state cell of the crime branch received a tip-off that some persons are getting old currency exchanged after charging 50 per cent commission.

Sources in the crime branch department said crime branch officials intercepted some phone calls where the caller was allegedly striking a deal with hawala operators and asking them to exchange his money on commission.

Jain, a resident of Janakpuri, was charging 50 per cent commission for the exchange of notes, he said.

Jain had "hired" a cash-van to take the money for exchange today and while he was about to board the vehicle he was nabbed, the official said.

The Income Tax Department and a Crime Branch team jointly interrogated him and he has been taken into custody by the IT department. 

(With PTI inputs)