Old notes value Rs 1 crore had been bought with new notes of Rs 75 lakh and then the existing underground community was used to convert this latest buy. There have been tie-ups with individuals who would go to banks with, say, 500 or more KYC forms to get new notes. They also created pretend accounts overnight, paid bribes to bankers and took new notes from the money chests,” ED sources mentioned. Lodha was arrested by the ED from Mumbai in connection with the recovery of a appreciable amount of new forex notes from a Delhi law firm belonging to advocate Rohit Tandon and Chennai businessman Sekhar Reddy. Kolkata Businessman Parasmal Lodha has been arrested by the Enforcement directorate for allegedly converting over rs 25 crore old forex into new. A fortnight in the past, the Enforcement Directorate nabbed Kolkata-based businessman Parasmal Lodha for allegedly converting over Rs 25 crore in banned currency into new notes.
The cases linked in your profile facilitate Casemine’s synthetic intelligence engine in recommending you to potential shoppers who might be interested in availing your services for related matters. It has been more than a month because the Narendra Modi government determined began the demonetisation course of, scrapping high-denomination notes of Rs 500 and Rs 1,000. Lodha had cash and he was known to be a lender in the inter-corporate deposit market. Prasanta Chandra Sen, who was then the chairperson and managing director of the company, went all out to defend the attack and a bitter battle followed. Lodha claimed he held 22% of the shares of Peerless and he wanted management of the corporate that lined up growth plans into motels, tourism, housing and constructing supplies.
Multiple raids were conducted at present in a nationwide crackdown on black money with crores – including in Rs 2,000 notes – being found in the searches. The Enforcement Directorate arrested Kolkata-based businessman Paras Mal Lodha in Delhi for allegedly changing over Rs 25 crore in banned currency into new notes. Mr. Lodha’s rise within the city’s real property enterprise within the 1980s got here because of his close proximity with the then Communist Party of India-Marxist (CPI-M)-led Left Front authorities. His first encounter with the law happened in the Nineties, when he allegedly tried to make use of gangsters to intimidate P.C. Sen, then managing director of the Peerless General Finance and Investment Co.
Arrested by the CBI, Reddy has been on the centre of of an Income Tax crackdown — 14 of his premises have been raided and I-T officials declare to have seized Rs 132 crore in currency notes including Rs 34 crore in Rs 2,000s, in addition to 177 kg gold. “We are hopeful that his arrest will give us new leads into others from Kolkata concerned in the racket of changing unlawful currency notes into new ones,” stated a senior official. Lodha was arrested by the agency late yesterday in “reference to the restoration of large quantity in new forex notes from an organization. Appeals have been filed both by Peerless and some of its affected shareholders in NCLAT.
He alleged that Peerless window dressed the assertion of accounts and gave out loans to entities who would never return the cash. When he uncorked an assault on Peerless, he immediately hit the headlines. Peerless was trusted by hundreds of thousands with their hard earned financial parasmal lodha savings within the nation, particularly in Bengal, and it had a money chest of near Rs 1,500 crore and growing — quite a pile during these occasions. Welcome to the premium companies of Business Standard delivered to you courtesy FIS.
In coordinated efforts, the group tracked people who had cornered new notes illegally. In the first spherical, 67 hawala operators have been raided and one other 34 had been searched within the subsequent spherical. Lodha was arrested by the ED from Mumbai in connection with the recovery of a considerable amount of new forex notes. Apart from real estate, he had expanded his enterprise to mining, consultancy companies and dealing in antiques. It is believed that he had shifted base to Delhi after finding the antique market more lucrative there. Lodha is alleged to have helped enterprise tycoons in south India convert about Rs 25 crore of their unaccounted money in demonetized denominations into legal tenders, towards a fee, through hawala routes.
The 32-year authorized battle that was began by a bunch of shareholders is essentially being spearheaded by Lodha now. The NCLT has declared issuance and allotment of the shares as null and void and the holders have been directed to return the shares, bonus shares and accrued dividend to earlier shareholders i.e. transferors within 30 days. In 1988, the promoters of Peerless had bought 15,626 shares of the company from Lodha, Bhagwati Developers and other shareholders.
Before shifting into actual property and money-lending, he also bought international items, together with perfumes and watches. “He was well-connected to a quantity of senior officers of the Kolkata Police and had sturdy connections within the Kolkata Municipal Corporation, which he used for legalising unauthorised floors in buildings,” said one of his acquaintances. Kolkata-based real property developer Paras Mal Lodha, arrested for allegedly converting over Rs 25 crore in banned forex into new notes, has been remanded in seven-day custody of the Enforcement Directorate.
Pick your 5 favorite companies, get a day by day e-mail with all news updates on them. Unlock 30+ premium stories every day hand-picked by our editors, throughout devices on browser and app. He had agreements with the house owners of many big buildings in Kolkata. The iconic ones have been Tobacco House, Bagree Market, Stephen Court in Kolkata.
