New Delhi: The Enforcement Directorate (ED) arrested Kolkata-based businessman Parasmal Lodha from Delhi in connection with an alleged conversion of over Rs 25 crore in old currency into new notes. Sources said Lodha, a well-known businessman with interests in real estate and mining, was arrested in the Shekhar Reddy and Rohit Tandon cases.
While the Reddy case pertains to Chennai where the Income-Tax department has made the biggest detection of unaccounted income of over Rs 142 crore, the Delhi Police and the I-T department seized Rs 13.5 crore from a law firm here.
The firm belongs to lawyer Rohit Tandon. Officials seized Rs 14 crore of which more than Rs 2.2 crore was found in new Rs 2,000 notes from the law firm.
“Investigation by the ED has revealed that the new currency was allegedly arranged and sent by Lodha. He has alleged links with several hawala operators in the country,” sources said. Reddy was arrested by the CBI on Wednesday.
Sources said Lodha was first intercepted by sleuths at the Mumbai airport on Wednesday, based on a lookout circular, while he was reportedly trying to fly out. He was brought back to Delhi by the ED and asked to join investigation. “During interrogation, Lodha admitted that post-demonetisation he and his associates had converted old currency of around Rs 25 crore into new notes for a commission of 15-20 per cent,” sources said.
Later, a city court sent Lodha to seven days in ED’s custody. The court was told by ED’s prosecutor Vikas Garg that Lodha was required to unearth the money trail. Additional sessions judge Sanjiv Jain granted the custody. The ED, seeking 14 days of remand, said Lodha’s interrogation was necessary to identify the names and details of international hawala operators involved in the matter and others who have committed the offence of money laundering under the Prevention of Money Laundering Act.
