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Racket in exchange of old notes remains unabated
A racket involving in exchange of demonetised currency notes with the new ones is still going on . With the deadline for scrapped high-value currency notes of Rs 500 and Rs 1,000 nearing, the black money holders are using every trick in the book to retain their wealth.
Hyderabad: A racket involving in exchange of demonetised currency notes with the new ones is still going on . With the deadline for scrapped high-value currency notes of Rs 500 and Rs 1,000 nearing, the black money holders are using every trick in the book to retain their wealth.
To help these black money holders, a group of people are taking the risk and making hay while sun shines. This group of people are helping the rich exchange their old notes with the new ones on commission ranging between 15 and 30 per cent, according to sources.
These persons have been borrowing money from moneylenders and ensuring that the latter transfer the money to black money holders electronically in small amounts.
Apart from it, the demonetised currency is being deposited in different accounts of the known persons and the same is again electronically transferred to the black money holders, sources said, adding that several people are doing this repeatedly to make as much money as possible by the end of this month.
Seizure of Rs 58 lakh in Rs 2,000 denomination from eight different persons on December 5 is one such classic example for this kind of modus operandi, police sources said. The persons, from whom the money was seized, borrowed the money from different sources at high rate of interest.
Vinod Yadav, who runs a milk diary in Kachiguda, told The Hans India that he was flooded with requests seeking to borrow money in Rs 100 and Rs 2,000 denominations even at 10 percent rate of interest a month.
Another trader, Ramesh of Nallakunta, who runs a grocery store, said some people were pestering him for loans and they are ready to pay high interest.
Police officials, however, have cautioned people against such practices saying it would land them only in trouble since it is illegal to help black money holders convert their money, which is unaccounted for, into legal money.
