Rs 45 crore in old notes seized from trader

The team, which acted on a tipoff, was led by Selvam, Assistant Commissioner of Police, T Nagar. This is the second largest seizure of demonetised currency notes in the state after the Income-Tax department seized over Rs 90 crore-worth old notes from sand mining baron Sekhar Reddy. 

Sources said that Dhandapani told the police that Padhen Chellani, a financier from Teynampet, had given him the money to be exchanged for new notes. The police found several cartons kept inside one of the rooms and found Rs 500 and Rs 1,000 notes stacked in bundles inside. Dhandapani has been taken into custody. 

A member of the team that conducted the raid told DTNext, “This is the first time in my career that I have come across such a huge amount of money.” Meanwhile, Income-Tax officials have been informed of the haul. The police said that Dhandapani supplied uniform material to the police, army and a few schools.