Quickly after the announcement of demonetization, the IT department started raiding all over the country. There were many IT raid seizures in the recent past that shocked the nation. In a latest incident, Black money amounting to more than Rs. 25 Crores is caught in Kolkata in a businessman’s house, later he was arrested by the Enforcement Directorate.

The convict was identified as Mr Paras M. Lodha. The Enforcement Directorate Agency questioned him in the case and then arrested him late in the evening yesterday.

Paras M. Lodha was arrested on Wednesday, following the arrest he was intercepted by the IT sleuths based on the circular at the Mumbai Airport as he was reportedly trying to fly out. The ED (Enforcement Directorate) will produce the businessman Mr Paras M. Lodha in a court in order to obtain further custody. This is under the provisions of the PMLA or Prevention of Money Laundering Act. “This case is partly related to Shekhar Reddy and Rohit Tandon cases,” said ED.

Meanwhile, Rohit Tandon is arrested in Delhi for handling the converted Rs. 13.5 crore.

And the another Reddy case is the one encountered in Chennai where the Income Tax department detected the largest amount of unaccounted income of more than Rs. 142 crores. Yesterday the CBI arrested Mr Reddy.

The ED officials claimed that there were multiple agencies working on these two high profile cases. These two cases that involved the high ranking individuals are joining the investigation dots. This prepares a water-tight case on the people who either hoarded money or generated black funds.

This case is however not the first of its kind, multiple cases are registered shortly after the central government’s demonetization exercise on November 8, 2016.