It is a telling sign of the fact that demónetized currency still keeps flowing within the underworld circles even after almost a decade of losing its status as legal tender that a whopping seizure of old #₹500 and #₹1,000 currency worth about ₹3.6 crores has been made by the Special Cell of the Delhi Police from a warehouse at Wazirpur. The raid took place on Thursday evening.

THE RAID and HOW it UNFOLDED

According to police officials, the operation kicked off as a result of a tip-off from an informant about some questionable activities taking place at a small warehouse located at the Wazirpur Industrial Area. As per police, there were people frequently seen carrying heavy bags into the warehouse.

Based on the tip, a surveillance unit was set up to track activities around the warehouse. After officers were satisfied with the possibility of money laundering taking place, a raid operation was conducted. The officers went into the warehouse at about 8:30 p.m. and discovered several bags full of old money notes packaged and labeled with codes that seemed to refer either to customers or batches.

Two people who were inside the warehouse were immediately apprehended. Both are prime suspects for being middlemen for a larger group that specializes in taking demonetized money and making it legal money.

HAS ANY CREDIT RATING AGENCY OR RATING AGENCY WORLD

It is believed that the confiscated money is a part of an operation being conducted by black money possessors with regards to liquidating demonetized money either through hawala operations, gold purchases, or some fraudulent money transactions involving commission-based agents. The police have suspicion that the operatives were planning on making money flow back into circulation.

Sources privy to the probe hinted that the bags had some marks which were associated with accounts belonging to traders, micro-financiers, and even some business people who might have stuffed old currencies at the time of demonetization. It is likely that it was a temporary location meant for the money before it was redistributed for processing.

The demonetisation of₹500 and₹1000 notes took place in November 2016, and as a result, these notes became invalid. Even after several years have elapsed, there have been instances popping up with old currency. According to police officials, this might be because some people have failed to put money into circulation within the stipulated period.

How These Networks Function

As per investigators, money laundering operations involving demonetized money are done through carefully designed levels:

Collectors: Those people who collect old banknotes belonging to various owners.

Sorters/Verifiers: Those who check for authenticity and sort submittable and uns

Transporters: These are couriers who transport money from one location to another as

Converters: The main individuals who change old money into new ones via hawala, gold vendors, corrupt middlemen, and money laundering.

The police believe that the people arrested from Wazirpur are either from the second and third level of this chain and there are efforts on to trace the people who are fueling it.

Evidence Seized and Proceeding Further

Aside from money, police were also able to recover

Coded-entry ledgers

These two mobile phones were suspected to carry communications from the clients.

GPS records from a scooter for cash movement

Papers indicating recent business dealings in crores

The forensic agencies will then examine these writings for authentication. The Enforcement Directorate (ED) might also enter the picture as an investigating agency if there are any money laundering allegations.

The suspects are being questioned for information about names of fund suppliers, storage points, and procedures followed for the conversion. Arrests will soon be made as authorities widen their search in the surrounding states of Delhi.

A Continuing Challenge for Law Enforcement

It was noted that while these currencies were made redundant by demonetisation, they were still sought after for profit avenues by these-illicit networks at commissions ranging from 15% to 40%, depending on risk. Despite repeated crackdowns, these operations still exist due to sheer volumes of unaccounted money.

A senior police officer who participated in the case said, “This seizure shows that old high-value notes are still being used as tools for crime. Expect several more layers to be revealed as we continue with investigations.” Public Advisory The police have cautioned people against associating with anyone or groups who promise to remove old, demonetized currency, as anyone who does so will be violating financial and criminal rules.