The Chennai Police on Thursday raided a textile shop where they seized Rs 45 crore in demonetised currency. The shop, MV Ramalinam & Co, specialised in making uniforms for government officers, India Today reported. Rs 500 and Rs 1,000 notes had been demonetised on November 8 last year.
Dhandapani, who owns the store on Kodambakkam, was detained by the police. He told the police that he had kept the notes on behalf of a jewellery shop owner. The police shared information about the raid with the Income Tax department and Reserve Bank of India.
Police across the country have found many crores in demonetised notes after the central government had rendered them illegal. The last day to deposit or exchange the notes had been December 30 last year. The President had approved a Bill making it illegal to hold more than Rs 10,000 in demonetised notes.