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New notes worth Rs 93 crore unearthed in Bengaluru raid by ED

by IBNS 12 Dec 2016, 08:20 pm

#New notes worth Rs 93 crore unearthed in Bengaluru raid by ED

Bengaluru, Dec 13 (IBNS): Currencies worth Rs 93 lakh in new notes were found when the Enforcement Directorate sleuths in Bengaluru arrested about seven people for laundering black money, said media reports on Tuesday.

The Enforcement Directorate (ED) cracked down on Monday the racket of money laundering in Bengaluru with the sleuths posing as customers. Several raids were conducted. 

 
 The ED raid is likely to expose the nexus between bank officials and money laundering touts, said reports.
 
Reports said the touts were charging  upto 35 per cent commission to convert old notes which were rendered useless after the 500 and 1000 note currency ban by the union government to flush out black money from the economy.
 
The ED has been conducting nationwide raids to unearth such money laundering rackets.

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