The Kerala Police on Saturday found Rs 39.89 lakh in Rs 2,000 notes during two raids in Kerala’s Tirur. Officers arrested one Shoukath Ali after they found him at a local bus stop carrying Rs 3 lakh in cash. Ali told interrogators that he was given the money by a businessman named Shanif Babu and was expected to hand it over to several others, India Today reported. The police then raided property belonging to the businessman and found the remaining amount.

Ali was produced before a local court, though Babu is missing. The police believe Babu had been trading the new notes for old ones with at least nine other people. Ali was out on bail when he was caught on Saturday – he is facing trial in a hawala (extortion) case already, PTI reported.

The Centre announced on November 8 that Rs 500 and Rs 1,000 notes would be demonetised in an effort to crack down on black money hoarders. However, since then, police all over the country have found large amounts of the new currency introduced after demonetisation being hoarded regardless. The seizures have led to the Supreme Court questioning how staggering amounts in the new currency notes are being found with certain individuals when most citizens are struggling to get even paltry sums from banks. The Centre, has, however blamed bank managers for the discrepancy.