19 May, 2017
Subsequently, they seized four gunny bags in which the money - in the scrapped Rs 500 and Rs 1000 denominations - was stuffed.
While the notes have no value, the Income Tax department has joined the probe to find out how the owner, D Dhandapani had such a large amount of cash. On investigating, the police found that the owner of the money had a jewellery shop in Sowcarpet as well as a finance firm in Teynampet.
According to a report in the Times of India, a police team led by deputy commissioner T Nagar, Saravanan, and Kodambakkam inspector, Chittibabu raided the shop on a tip-off.
On Thursday morning, the Chennai Police conducted a raid at MV Ramalingam & Co, a textile shop specialised in stitching uniforms for government officers at Kodambakkam. When the initial search did not yield anything substantial, the policemen were reportedly preparing to leave.
Cops were amazed to find such a huge stash even six months after demonetisation was implemented. During interrogation, he told the police that one of the realtors from Pondy Bazaar had given him the old currency notes to keep it with him. Since demonetisation was announced on November 8, there have been several raids in Chennai on businessmen and others.
Police are expected to file charges against Dhandapani under the I-T Act. The raids on the premises of sand mining baron Sekhar Reddy and two of his associates last December have been the biggest so far. Most of the demonetised currency notes have been stashed illegally with the hope of getting them exchanged with legal tender.