Sleuths of the Directorate of Revenue Intelligence ( DRI ), a pioneer Intelligence Agency of the Government of India, zeroed in on office premises at Bharuch in Gujarat State and recovered about Rs. 48.91 crores of demonetised currency in Rs. 500 and Rs.1,000 denomination currency notes.
Acting on the specific intelligence, the officers of DRI, Surat, assisted by the officers of CGST Vadodara-II raided premises of M/s Yamuna Building Material, GIDC Panoli, Bharuch and recovered Specified Bank Notes (demonetized Rs 1,000 and Rs 500 currency notes) of the face value of Rs. 48,90,96,000/-(Forty-Eight Crore Ninety Lacs and Ninety Six Thousand) on 8th / 9th December 2017.
Under Section 7 of the newly enacted The Specified Bank Notes (Cessation of Liabilities) Act, 2017, whoever contravenes provisions of Section 5 of the said Act shall be punishable with fine which may extend to Rs. 10,000(Rupees Ten Thousand) or five times the amount of the face value of the specified bank notes involved in the contravention, whichever is higher.
In the instant case, with the demonetised currency detected by DRI to be of the order of about Rs 49 crores, the fine is expected to touch about Rs. 245 crores. The persons whose name appear in investigations will also be probed. Therefore, the ramifications can be wide and far-reaching.
DRI is filing a complaint in the Court against the three (3) persons involved.
The various details are with DRI now and are a matter of investigation.