Demonetisation villains get innovative, but still get caught; check out how

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New Delhi | Updated: December 15, 2016 7:07:22 PM

As the last date, to save the old currency notes of highest denomination from turning into useless pieces of paper, nears, many, with black cash had been making desperate attempts to hide their money.

ed raids 50 banks, banks raided by ed, enforcement directorate bank raid, bank raid by enforcement directoratePrime Minister had cited the need to curb the flow of black money in the country, and announced the last date for the replacement of the banned notes as December 31. (PTI)

Amid the ban on old currency notes of higher denominations, following the implementation of the demonetisation policy by the Narendra Modi government, a chaotic situation ensued, causing much inconvenience to the common people of the country. Even after more than a month since the initiation of the anti-graft policy, the public has got no respite from never-ending’ queues to withdraw cash from the banks and ATMs as the money-machines run out of cash. With the initiation of the ban on currency notes of the denomination Rs 500 and Rs 1,000, Prime Minister had cited the need to curb the flow of black money in the country, and announced the last date for the replacement of the banned notes as December 31. And as the last date, to save the old currency notes of highest denomination from turning into useless pieces of paper, nears, many, with black cash had been making desperate attempts to hide their money. Here are some of the weird ways people had made attempts to hide their black cash but got caught during raids by concerned authorities:

527513-karnatak-i-t-raid-ani-editIn a major crackdown on black money, the Income Tax department, on December 13, had registered a case against JDS leader and casino owner, KC Veerendra and they ended up recovering Rs 5.70 crore from the bathroom where the tiles had been arranged in an innovative way in the wall to hide his stash of notes.

One of the worst and perhaps most innovative ways to hide black money, is to create fake accounts. After the November 8 implementation of demonetisation, police, during raids uncovered fake accounts in various branches of different banks. As a latest instance of one such raids, the Income Tax department had, on December 15, raided Axis Bank branch at Noida Sector 51 and found out 20 fake accounts where currency notes worth over Rs 600 crore was deposited.

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And amid an acute cash crunch in the country, as people eagerly stand outside banks and ATMs to grab the new currency notes, many had been laundering their scrapped black cash into gold or by investing in real estates. Many had also been trying to deport their black money or decks of new currency notes, outside the country or with in, by making secret vaults within their suitcases or bags. In one such example, the Income Tax department had seized old currency notes worth Rs 3.25 crore, from a hotel in Karol Bagh. Reportedly, hawala operators from Bombay had hired packaging specialists to pack the notes in such a way so as to not get detected by the airport scanning machines.

With escalating need for the conversion of the old Rs 500 and Rs 1,000 notes, many had been, in desperation, trying to bribe bank employees to help replace their black cash into new currency notes. In one such instance, police, on December 13, had arrested RBI official, K Michael for making attempts to convert old currency notes worth Rs 1.51 crore. On December 5, two other Axis Bank managers were arrested from New Delhi with charges of illegal conversion of money, following investigation by the Enforcement Directorate.

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