Chennai: Following the raids conducted in a dress manufacturing unit in which Rs 45 crore worth demonetised currencies were seized, a special police team has arrested a city-based financier.
The police had arrested Dandapani, owner of the unit, for serving as an agent to exchange old currencies for new notes illegally. After his arrest, a search operation was launched to find the businessman who gave the money to Dandapani to convert it.
Last night, the police identified Badan Hilani, a resident of Habibullah Road in T Nagar, as the culprit and arrested him.
The police had earlier raided Dandapani’s residence and shop based on a tip-off from his brother.
After arrest, Dandapani admitted that he had received the old currencies two days ago.
Rumour started floating today that officials from the Reserve Bank of India (RBI) will scrutinise the seized money and conduct separate investigations.
But refuting the claims, an officer investigating the case said, “The case will be shifted to the Income-Tax Department, who will try to trace the source of the money. We have not received any information about RBI officials’ arrival in the city.”
It is reported that the case, once shifted to the Income-Tax Department, will be transferred to the Enforcement Directorate after conducting interrogations related to source of income and tax evasion.