Kolkata businessman Parsamal Lodha was arrested on Thursday by the Enforcement Directorate (ED) for allegedly converting more than Rs 25 crore old currency into new.
Reports said that he was arrested in connection with Shekhar Reddy and Rohit Tandon cases.
On December 11, IT department had carried out raids at the office of T&T law firm owned by Rohit Tandon, against whom the FIR has been registered. Police had seizes Rs 13 crore, including Rs 2.6 crore in new notes.
Lodha's daughter was recently married in a lavish wedding ceremony and it was attended by top bureaucrats, politicians.
As you know, the Income Tax (IT) department and Enforcement Directorate are massively conducting raids across the country post demonetization.
The Enforcement Directorate on December 1 raided multiple hawala operators across the country involved in illegal conversion of old currency notes of Rs. 500 and Rs. 1,000 to valid legal tender since demonetisation on November 8.
A day ago, in perhaps the first case of a top bureaucrat being raided, the house and office of Tamil Nadu Chief Secretary was searched and IT department reportedly recovered Rs 48 lakh cash in new notes.