The Enforcement Directorate today arrested businessman Paras Mal Lodha for allegedly converting more than Rs 25 Crores of old notes to new notes in Shekhar Reddy & Rohit Tandon cases.He is a well -known businessman with interests in real estate and mining. He was earlier detained at Mumbai airport after Income-Tax officials discovered that the cash seized from the office of lawyer Rohit Tandon in Greater Kailash-1, Delhi belonged to him, according to News18. The businessman’s daughter was married in a high profile wedding that was attended by many politicians.
On December 1, the ED had raided several hawala operators in the country involved in illegal conversion of now banned currency notes of Rs 500 and Rs 1,000 to valid legal tender after the demonetisation step on November 8. They raided locations inMumbai, Delhi, Hyderabad, Kolkata, Bengaluru, Ahmedabad, Chennai among others based on intelligence information collected by the agency.
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Couple of days after Prime Minister Narendra Modi announced banning of Rs 500 and Rs 1,000 notes to curb corruption and black money, the department raided several hawala dealers and jewellers in the country for cutting barter deals with people to convert invalid currency notes into valid legal tender.
Later in the evening, it was reported that the court has sent the businessman to a 7-days ED custody for the alleged crime.
– With inputs from ANI