Old currency notes worth Rs 45 crore found from a textile shop in Chennai

The old currency notes worth Rs 45 crore were recovered from a textile shop in Chennai. The owner of the shop has been taken into police custody

More than six months after old 500 and 1000 currency notes were announced as illegal tender, the old currency notes worth Rs 45 crore were recovered from a textile shop-cum-residence in Chennai’s Zackariah Colony in Kodambakkam on Thursday.

According to a report in the Times of India, a police team led by deputy commissioner T Nagar, Saravanan, and Kodambakkam inspector, Chittibabu raided the shop on a tip-off. MV Ramalingam & Co is a textile shop that stitches uniforms for police officers.

During the raid, police found a bag filled with old currency notes of Rs 500 and Rs 1000. The owner of MV Ramalingam & Co, Dhandapani has been taken into custody. During interrogation, he told the police that one of the realtors from Pondy Bazaar had given him the old currency notes to keep it with him.

According to police, Dhandapani might have been involved in exchanging old currency notes with the new ones for a commission. Police said he could not exchange the money, therefore, the huge amount of old currency notes got accumulated. The police said that this case might get shifted either to the I-T department or the Directorate of Revenue Intelligence.

A few days ago, a polyethene bag filled with Rs 1000 old currency notes was found in a Garhwal region of Dehradun, however, all the notes were torn. The bag was found when a woman who was working in the field saw it. Later, the currency notes were handed over to the police.