ED Arrests Seven Middlemen Rs 93 lakh in New Notes Seized
By MEHER ONISA : 13-Dec-2016
KARNATAKA: Under the provisions of the Prevention of Money Laundering Act, the Enforcement Directorate, ED on Monday arrested 7 alleged middlemen including relative of the government official and subjugated Rs 93 lakh in newly introduced notes. The Income Tax department had seized the heavy sum of cash in new currency. The ED officials have recently registered a money laundering case against a government engineer and others based on a CBI’s FIR in the case.
The ED team had launched a confidential operation where they posed themselves as 'customers' who were looking for the old currency changed illegally by paying commission to the middlemen.
The chain of mediators were enjoying commission between 15-35 per cent and were executing the major racket of conversing black funds into new white notes with the assistance of some bank officials.
The arrested are in the custody of the Karnataka police and are awaited to be produced before the local court in Bengaluru in the coming weeks.