Rs. 93 lakh seized and 7 people are arrested for illegally changing old notes to new notes :- Prime Minister Narendra Modi has pulled out old notes of Rs. 500 and Rs. 1000 in order to confront the problem of black money, fake notes and corruption. However, it looks like the problem of corruption will not get settled as ED has arrested seven alleged middlemen and seized Rs 93 lakh in new currency in Karnataka as part of its money laundering probe.
The official said that ” they have arrested seven people including one who hails from the family of the government official. The arrest takes place on Monday, under the provisions of the Prevention of Money Laundering Act (PMLA).
The official said that they have contacted the middle for the chance of old notes with the brand new note of Rs. 2000 and after paying the commission to middlemen, he introduced them to the officials who were changing the old money. The reports suggest that the commission was taken between 15 percent and 35 percent.
The officials also believe that this is just a small part of the big picture and they felt that there is a big chain of people who are illegally converting old money into black money.