22/12/2016 10:08 AM IST | Updated 22/12/2016 10:22 AM IST

Kolkata Businessman Arrested By ED For Converting Old Currency Into New

Parsamal Lodha was arrested on Thursday for converting over ₹25 crore of old currency into new.

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KOLKATA -- The Enforcement Directorate on Thursday arrested businessman Parsamal Lodha for converting over ₹25 crore old currency into new.

The Enforcement Directorate earlier on 1 December raided multiple hawala operators across the country involved in illegal conversion of old currency notes of ₹500 and ₹1,000 to valid legal tender since demonetisation on 8 November.

The ED raided multiple locations in Delhi, Mumbai, Kolkata, Hyderabad, Bengaluru, Ahmedabad, Chennai among others based on intelligence gathered by the agency.

Two days after Prime Minister Narendra Modi announced scrapping of ₹500 and ₹1,000 notes to curb corruption and black money, the Income Tax department raided several hawala dealers and jewellers across the country for cutting barter deals with people to convert invalid currency notes into valid legal tender.

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