Businessman Paras Lodha: The continuation of nabbing black money hoarders is not stopped here as Enforcement Department has again arrested a Kolkata-based businessman here for alleged illegal exchange over Rs 25crore in old currency into new currency as a part of its money converting probe in two high-profile black money cases in the wake of demonetization.
Accused businessman Paras Lodha charged commission for converting black money
An accused identified as Paras Mal Lodha and was involved in an entrenched conspiracy in this case. Officials said he was charging a commission at the rate of 15-20 percent to exchange the black money. The 62-year-old culprit was arrested by the ED late yesterday in connection with the recovery of huge amount of new currency notes from a company belonging to Advocate Rohit Tandon of T and T Law firm situated in Delhi and J Shekhar Reddy of Chennai.
ED detained him at Mumbai airport and brought to Delhi
Enforcement officials captured and detained businessman Paras Lodha at the Mumbai airport just before of his taking a flight to Malaysia and was brought to Delhi after. After Lodha name cropped up in the two high-profile cases, the agency had issued a lookout circular against him and the investigation is conducting at least four lead agencies of the country such as ED, I-T department, CBI and Delhi Police.
While the Reddy case involved to Chennai where the income Tax department has made the biggest recovery of unaccounted money of over 142 crores, the Delhi Police, and the I-T department has seized Rs 13.6 crore from the law firm here early this month.