Kolkata’s Peerless baron Parasmal arrested by ED for helping Reddy clean up his dirty money

Lodha was first intercepted by the agency sleuths at the Mumbai airport based on a Look Out Circular while he was seeking to flee the country.

Published: 22nd December 2016 09:35 PM  |   Last Updated: 23rd December 2016 09:33 AM   |  A+A-

By Express News Service

NEW DELHI: The Enforcement Directorate (ED) has arrested Kolkata-based businessman Paras M Lodha here in connection with a money laundering case relating to alleged conversion of over Rs 25 crore scrapped currency notes with new ones.

Officials said he was arrested by the agency here late on Wednesday after grilling him for hours.

Lodha was first intercepted by the agency sleuths at the Mumbai airport based on a Look Out Circular while he was seeking to flee the country.

The arrested businessman is connected to Shekhar Reddy and Rohit Tandon cases, also related to illegal exchange of demonetised currency notes.

Meanwhile, the agency on Thursday produced Lodha before a designated court here that granted seven-day custody to the ED.

Lodha has been booked under the Prevention of Money Laundering Act (PMLA)after the agency took cognisance of FIRs registered against Reddy and Tandon.

The Reddy case relates to Chennai and the Income Tax department had unearthed unaccounted income of over Rs 142 crore. Likewise, the IT department and the Delhi Police had seized Rs 13.5 crore from a law firm run by lawyer Rohit Tandon. The CBI had arrested Reddy on Wednesday.

Following a directive from the Government, multiple agencies have joined hands and are working in a synchronised manner to probe these high-profile cases and unravel the entire nexus between public servants and businessmen involved in illegal exchange of currency notes.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp