Rs 45 crores in demonetised notes seized from textile shop in Chennai
On Thursday morning, the Chennai Police conducted a raid at MV Ramalingam & Co, a textile shop specialised in stitching uniforms for government officers at Kodambakkam.
Police in Chennai seized bundles of Rs 500 and Rs 1000 notes amounting to Rs 45 crores from a textile shop in the state.
On Thursday morning, the Chennai Police conducted a raid at MV Ramalingam & Co, a textile shop specialised in stitching uniforms for government officers at Kodambakkam.
Cops were amazed to find such a huge stash even six months after demonetisation was implemented. Police sources said that the shop belonged to Dhandapani, who upon being interrogated explained that the money belonged to a jewellery shop owner who had asked him as a favour to hold on to the money until he could find a way to get it exchanged legally.
On December 28, 2016 the cabinet cleared an ordinance to penalise those holding demonetised Rs 500 and Rs 1000 notes effective after March 31.
Police are expected to file charges against Dhandapani under the I-T Act meaning he could get 4 years of jail term. Currently Dhandapani is under investigation at Kodambakkam police station.
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