Bhopal: Police has raided the house of a person in Ashoka Garden police station area of Bhopal, the capital of Madhya Pradesh and recovered cash amounting to about Rs 32 lakh.
Police sources said today that on information received from an informer, the residence of Kailash Khatri, resident of Panth Nagar in Ashoka Garden area of the city, was raided late last night. On the spot, wads of currency notes kept hidden in a bed were found. This includes new notes as well as old rotten notes. This amount has been confiscated as the accused did not produce any document in this regard. The seized amount is approximately Rs 32 lakh. The police have informed this to the Income Tax Department. The Income Tax Department is investigating this. This matter is being linked to hawala business.
The police are also investigating Hawala’s angle in the case. Initial investigations revealed that the occupant, Kailash Khatri (38), is involved in currency exchange activities. Although a letter pertaining to the matter was found, the police denied receiving any official proof.
The Deputy Commissioner of Police, Priyanka Shukla, stated that Kailash resides with his wife and children in Panth Nagar, Ashoka Garden. Acting on information received from an informant, a raid was conducted at their residence, resulting in the recovery of 31,87,730 rupees. Khatri informed the police that he has been involved in currency exchange work since 2006 and also owns a shop in Hyderabad.
According to information given by Khatri, for every one lakh rupees of torn notes exchanged, he returned seventy-five thousand rupees. In 2015, the RBI wrote to the Punjab National Bank authorising Khatri to deposit torn and old notes in the bank.
However, he mentioned that banks had stopped accepting such notes recently. Consequently, he started selling them in Mumbai and Agra.
The Deputy Commissioner of Police (DCP) explained that the accused couldn’t provide a satisfactory explanation for why he had such a large sum of cash at home.
Additionally, no legal documents related to his involvement in the currency exchange business were found. He is currently being interrogated.
