Businessman Arrested with More than Rs 25 Crores in Black Money Conversion :- After the demonetisation, the IT department become active and is carrying out raids all over the country. In the recent past, there were many IT raid seizures that shocked the nation.
In the latest incident that involves Black money conversion amounting to more than Rs. 25 Crores. Enforcement Directorate(ED) arrested a businessman based in a city of Kolkata for an alleged black money conversion.
He allegedly converted Rs. 25 Crores 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.On Wednesday, they arrested the Kolkata Business Man Paras M. Lodha. On Thursday, he was intercepted by the IT sleuths based on the circular at the Mumbai Airport as he was reportedly trying to fly out.
The IT Department arrested the 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.
In order to further custody, the Enforcement Directorate will produce the businessman Mr Paras M. Lodha in a court. This is under the provisions of the Prevention of Money Laundering Act.
In Delhi, the IT officers seized Rs. 13.5 crores from a law firm that belongs to Rohit Tandon. In other Reddy case in Chennai, the Income Tax department detected the largest amount of unaccounted income of more than Rs. 142 crores. On Thursday, the CBI arrested Mr Reddy.
The CBI officials said that there were multiple agencies working on these two high profile cases. 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 8th November, 2016, to scrap old notes of Rs. 500 & Rs. 1000 denomination notes.