Demonetized notes worth more than Rs 15 cr seized

In yet another big seizure of illegal cash, the Directorate of Revenue Intelligence (DRI) on Sunday seized Rs 15.75 crore in demonetized currency after raiding a premises near Jhandewalan metro station.

“Ten people have been arrested in the case by the DRI. The accused are businessmen dealing in real estate, jewellery and trading among others. Under section 7 of the newly-enacted Specified Bank Notes (Cessation of Liabilities) Act, 2017, whoever is found in possession of the defunct notes contravenes shall be punished with a fine which may extend to Rs 10,000 or five times the amount of the face value of the specified bank notes involved in the contravention, whichever is higher,” the officer added.

Earlier on Saturday, the DRI had recovered more than Rs 5 crore in denominations of new currency notes at Tughlakabad.