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Rs. 4.7-cr new notes seized in Bengaluru raids

This is the biggest discovery of cash in new currency since the government launched its demonetisation reform on November 8.
Reports say the denomination of Rs 500 notes continues to be in short supply as most the cash that banks are receiving are in notes of Rs 2,000

At a time when the country is facing severe crisis of new currency notes bringing the economy to a standstill, Rs. 6 crore in cash – of which Rs. 4.7 crore was made up of the newly-introduced Rs. 500 and Rs. 2,000 notes by the government – has been seized after raids on two individuals and several locations in Bengaluru. This has raised suspicion on bank officials’ nexus with corrupt babus.

Karnataka is governed by the Congress.

This is the biggest discovery of cash in new currency since the government launched its demonetisation reform on November 8.

The officials whose residences were raided  according to sources are SC Jayachandra, Chief Planning Officer of State Highway Development Project, PWD, and TN Chikkarayappa, Managing Director of Cauvery Neeravari Nigam Ltd. The other persons who were raided are Naval Agarwal, doctor in a private hospital, and contractors Ibrahim Sharif and Nawaz.

Over 11 kilos of gold jewellery, along with top-end sports cars like a Lamborghini were also found in the raids.

At least one bank official’s involvement is suspected.

The raids were being conducted by a team of over 50 officials on 10 premises in Bengaluru, Chennai and Erode.

 

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