Demonetisation impact: Rs 40.68 crore seized in 78 raids post note ban

Mumbai: After Rs 500 and Rs 1,000 notes were banned on November 8 last year by the Centre to flush out unaccounted wealth, the police in Mumbai, Thane and Navi Mumbai seized demonetised cash worth Rs 40.68 crore in 78 cases.

The seizure of demonetised notes has been highest in Thane, where the police registered 39 cases in which Rs 15 crores worth currency notes were seized.

N. Thackrey, a police inspector with the Thane crime branch’s Unit-1, said, “Within a year after demonetisation we have registered more than 30 cases. Most of the seizures took placed based on tip-off pertaining to the likelihood of exchange of banned currency. We have been vigilant post demonetisation to nab corrupt people, most of whom wanted to exchange currencies on commission ratio of 60-40 per cent. We have detained a bank employee too, who was involved in exchange of old notes with new ones. Within two months after demonetisation, we registered maximum cases.”

The second highest number of cases were registered by the Mumbai police who seized Rs 18.78 crore from the financial capital in around 27 cases.

Deepak Devraj, Mumbai police spokesperson, said, “In the past one year since the demonetisation of currency notes was announced, there have been seizures of worth Rs 18.78 crore in Mumbai. All the cases have been transferred to the Income Tax department for further investigation.”

DCP Devraj also added, “The IT department is finding out the source of that cash after the culprits were arrested by Mumbai police.”

The Navi Mumbai police meanwhile have registered 12 cases of demonetised currency seizure involving Rs 6.90 crore.