Bengaluru: The Enforcement Directorate (ED) sleuths on Tuesday busted a money conversion racket and seized Rs 93 lakh in new currency notes in Bengaluru (Karnataka). Seven people were also arrested for their alleged involvement in the racket.
ED officials posed as decoy clients during the raid to nab the money launderers. In this connection, CBI sleuths arrested Hawala operator K V Virendra and took his remand for six days.
The latest arrest is likely to expose the nexus between corrupt bank officials and money conversion racket, sources said.
Crores of rupees are being seized at various places,rich aren't affected.Do you see any of them here? We have to suffer: Local in bank queue pic.twitter.com/yU7L2Iqkzs — ANI (@ANI_news) December 13, 2016
ED arrests 7 middlemen in Bengaluru involved in conversion of old currency into new from whom Rs 93 lakh in new currency was seized pic.twitter.com/hdkjLrdlCE — ANI (@ANI_news) December 13, 2016
Old currency notes worth Rs 1 crore, foreign currency notes worth Rs 50 lakh and new currency notes worth Rs 20 lakh were recovered from Hawala operators during the raids.
The agency suspects that there is a chain of middlemen involved in converting black funds into white even as they added that the probe in continuing.
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