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Demonetization: Rs 1.12 cr in scrapped notes seized from businessman in Pune

An Indian vendor displays wallets made from replica prints of the demonetised 500 and 1000 INR currency notes prints for sale at a stall in Mumbai on November 22, 2016. India's Prime Minister Narendra Modi announced on November 8 that that 500 and 1,000 rupee ($7.50, $15) bills -- 85 percent of the cash in circulation -- would cease to be legal tender in a crackdown on fraud and tax evasion. The move -- which saw the notes withdrawn from circulation just hours after the announcement -- was initially welcomed, but frustrations have mounted in the largely cash-reliant country where millions have been left without enough to cover their daily needs. / AFP PHOTO / INDRANIL MUKHERJEE

New Delhi: Police seized cash worth Rs 1.12 crore on Friday, all in banned denominations of Rs 500 and Rs 1000 from a businessman in Pune. According to Lashkar Police Station, the businessman, Bharat Shah, wanted to convert his alleged unaccounted money through some agents at 25% commission. “We received a tip-off that Shah was planning to meet some people on MG Road on Friday morning to convert the cash,” said a police inspector, attached to Lashkar Police station.

Subsequently a trap was laid and Shah was detained for questioning. “We recovered 22,444 demonetised notes of Rs 500 denomination and 28 demonetised notes of Rs 1000 denomination from him,” the police official said . “Though Shah is claiming that the cash seized from him are his savings, we suspect that it is unaccounted money, which he wanted to convert,” said the officer.

Police said no case has been registered against Shah but Income Tax department has been notified about the seized notes. On Wednesday, crime branch officials had seized “unaccounted” cash worth Rs 1.11-crore in old notes from a property broker, who too wanted to convert it into white through some agents here.