Kolkata: The IT department is carrying out raids all over the country post demonetization. There were many IT raid seizures in the recent past that shocked the nation. Here is one latest incident that involves Black money conversion amounting to more than Rs. 25 Crores. A businessman based in a city of Kolkata was arrested by the Enforcement Directorate (ED) for an alleged black money conversion.
Kolkata Based Businessman Arrested with More than Rs 25 Crores in Black Money Conversion
He allegedly converted Rs. 25 Crores in Old Currency Notes into New Currency notes. The Kolkata-based businessman was identified as Mr Paras M. Lodha. The Enforcement Directorate Agency questioned him in the case and then arrested him late in the evening yesterday.
Prevention of Money Laundering Act
On Wednesday, they arrested the Kolkata Business Man Paras M. Lodha. Yesterday, he was intercepted by the IT sleuths based on the circular at the Mumbai Airport as he was reportedly trying to fly out. The agency arrested the Kolkata-based businessman “in connection with the conversion of more than Rs 25 crore of old notes to new notes in Shekhar Reddy and Rohit Tandon cases.” The ED (Enforcement Directorate) will produce the businessman Mr Paras M. Lodha in a court in order to obtain further custody. This is under the provisions of the PMLA or Prevention of Money Laundering Act.
CBI arrests Mr Reddy Yesterday
In Delhi, the IT Sleuths seized Rs. 13.5 crores from a law firm that belongs to Rohit Tandon. The other Reddy case is the recent Chennai IT case where the Income Tax department detected the largest amount of unaccounted income of more than Rs. 142 crores. Yesterday the CBI arrested Mr Reddy. The officials also said that there were multiple agencies working on these two high profile cases. These two cases that involved the high ranking individuals are joining the investigation dots. This prepares a water-tight case on the people who either hoarded money or generated black funds. This is shortly after the central government’s demonetization exercise on November 8, 2016, to scrap old notes of Rs. 500 & Rs. 1000 denomination notes.
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