16 held in connection with seizure of Rs 96cr in old notes

It took cops complete one night to count the money stacked up in form of a bed of currency.

Several of the arrested people are from Lucknow, Mirzapur and Hyderabad.

The central government's 8 November 2016 move to ban the use of all then existing Rs500 and Rs1,000 notes had come asa big blow to hoarders and black money holders.

After a recent incident over demonetization currency in Delhi on November 2017, Kanpur police also gets the success over recovering the demonetized currency which is around Rs. 100 crore. Officials said that the matter has been transferred to the IT department for investigating the source of those banned notes.

The seized currency is likely to be around Rs. 100 crore and the owner of the house is identified as Ashok Khatri who runs the business of money exchange.

"We received information of the presence of demonetised currency worth crores at a residential premises in Kanpur. Raid was conducted, RBI and I-T dept officials informed, final amount not ascertained as search and counting underway, questioning on", AK Meena, Senior Superintendent of Police, Kanpur told ANI. They were arrested along with the builder.

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Initially, they tried to mislead police, but later during intensive interrogation, they broke down and confessed their crime, the SSP said.

It was revealed that a huge amount of demonetised currency notes was stored in gunny bags in the builders ancestral house near Gole Chauraha in Swaroop Nagar.

At least 16 people have been arrested in connection with the case so far, the report said.

Earlier, the NIA had recovered Rs 36.34 crore in demonetised currency in Delhi in November previous year. The currency belonged to four-five "individuals or companies" including a distinguished detergent-maker, an NIA official said.

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  • Darren Santiago