Rs 100 crore found stacked under a bed in Kanpur home

The notes were found stacked under a bed in three rooms of the under-construction house of builder Anand Khatri in Swarup Nagar. Photograph:( DNA )

WION Web Team New Delhi, Delhi, India Jan 17, 2018, 12.35 PM (IST)

In a joint raid, the National Investigation Agency (NIA) and Uttar Pradesh police recovered demonetised currency notes worth nearly Rs 100 crore from an under-construction house in Kanpur, late Tuesday. 

Old notes of Rs 1000 and Rs 500 were banned in November 2016 to curb corruption and black money.

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At least 17 people also have been arrested in connection with the case.

The notes were found stacked under a bed in three rooms of the under-construction house of builder Anand Khatri in Swarup Nagar. 

The police also raided seventeen other places including two hotels in Gumti, Jarnailganj to seize the old currency which amounted to Rs 100 crores.

As per media reports, the money was kept for exchange through hawala and NRI transactions in Dubai and other countries.

Since the demonetisation was implemented, a large part of the money has been illegally channelled into the banking system.

Earlier NIA recovered 36 crores of the scrapped notes in November 2017.

In August last year, the Reserve Bank of India informed that 99% of the old currency returned after demonetisation.