24 June, 2021

A Cash Course For Detectives

Crores of rupees in freshly-minted notes seized during the height of the demonetisation chaos. But CBI says all accounted for.

A Cash Course For Detectives

Long queues in front of banks and ATMs were a common sight during the demonetisation exercise. In sharp contrast was the shocking image of bundles of then freshly launched and minted Rs 2,000 notes discovered from the premises of a Chennai-based businessman in December 2016, barely a month into the demonetisation of Rs 1,000 and Rs 500 bills. The notes totalling Rs 33.89 crore were seized from the premises of Sekar Reddy and his partners, SRS Mining Company, by income tax officials. Almost four years later, the CBI, which probed the case, has filed a closure report in the trial court, stating that “nothing incriminating surfaced” against the accused—Reddy, his business partners and unknown bank officials who had helped in converting their old demonetised notes into new bills.

Given the track record of central agencies investigating seizure of huge unauthorised cash hauls in Tamil Nadu, the latest example comes as no surprise. In April 2016, just ahead of the assembly elections, three container trucks carrying Rs 570 crore in cash were intercepted by...

More from G.C. Shekhar

Latest Magazine

June 28, 2021

other articles from the issue

articles from the previous issue

Other magazine section