It has been more than a year since Rs 500 and Rs 1000 was demonetised by the government. The drastic measure was taken on November 8, 2016, and now, more than a year later banned notes worth crores making up a “bed of cash” when stacked up and amounting almost to Rs 100 crore were discovered in a raid at a house in Kanpur, Uttar Pradesh. The notes that were seized were in the denomination of Rs 500 and Rs 1000 which were demonetised and no longer legal tender. The police who raided the house started counting the demonetised cash a little after midnight and by this morning had reached a whopping figure of Rs 97 crore with more notes left to be counted.

The National Investigation Agency (NIA) and the police received a tip-off and along with officers of the Reserve Bank of India (RBI) and the Income Tax Department (I-T) they first raided a hotel in Kanpur and caught some people. After a grueling questioning, they raided the home of one Ashok Khatri, a businessman, and builder. The money that was discovered allegedly belongs to a group of people and the police suspect that Ashok Khatri’s business was a cover for money-laundering.

Anand Kumar, the Acting Police Chief of Uttar Pradesh said, “I am told he is a businessman as a cover but is involved in these kinds of activities. He is the main conduit in the exchange of money. 16 people have been arrested. We were getting information that efforts are on to stack currency and exchange it in some manner.” Demonetisation has given way to fashion trends too, after Whatsapp and Facebook sarees now drape Rs 2000 printed sarees!

Watch the video of the demonetized money seized in Kanpur, Uttar Pradesh

Anand Kumar’s statement

An NIA Official was quoted as telling news agency NIA that the seized cash belonged to four or five “individuals or companies”, including a prominent detergent manufacturer. Some of the accused were arrested from a hotel near the house. Police officials are also maintaining that “involvement of government officers” is also suspected. Another speculation is that this money could have been hidden to convert it into legal currency through foreign companies. The demonetization was an act to curb corruption and put a stop to illegal hoarding of money.