Police on Saturday conducted multiple raids in Mumbai in the wake of reports of alleged profiteering and subsequent tax evasion by traders by converting withdrawn currency notes in an illegal manner.
Police have seized unaccounted cash worth Rs 4 crore in demonetized Rs 1,000 denomination notes from a Maharashtra-based trader at a check post in Burhanpur district in Madhya Pradesh.
The seizure was made last night, Burhanpur Superintendent of Police Anil Singh Kushwaha told PTI.
“We seized the currency from Shabbir Hussain, a trader based in Malkapur in Buldhana district of Maharashtra, during a screening at the check post. The entire cash stock was in the scrapped Rs 1,000 notes,” the SP said.
Police have informed Income Tax officials about the seizure and they are carrying out a further probe into it.
“It is possible that in view of the demonetization of the high denomination currency notes, the trader might have been taking the cash for donating it to a community trust in
Burhanpur town,” Kushwaha added.
Since the by-poll for Nepanagar assembly seat in
Burhanpur district is scheduled to be held on November 19, intense checking has been going on based on the directives of the Election Commission, especially in the border areas, the officer said.