In a major crackdown, Indian police have arrested the alleged mastermind behind a large-scale illegal exchange of demonetised Rs 2,000 notes. Anil Jain, along with three associates, was apprehended for running a racket that helped businessmen in multiple cities—including Delhi, Prayagraj, and Jabalpur—exchange the demonetised currency. Jain, a 56-year-old resident of Jabalpur, Madhya Pradesh, is said to have been orchestrating the scam for over a year.
Jain used his extensive network to gather the demonetised notes from businessmen across cities such as Delhi, Lucknow, Patna, and Agra. These notes were then exchanged illegally through a Reserve Bank of India (RBI) branch in Nagpur. Jain reportedly charged a commission of Rs20,000 for every Rs5 lakh of demonetised notes exchanged, making substantial profits over time.
The police revealed that the scam disproportionately targeted the poor, who were paid small amounts to help facilitate the exchange of the notes. Investigators believe the racket involved several crores of rupees.
Along with Jain, Nandalal Maurya (35), Rohit Bawne (36), and Kishore Bahoriya (30) were arrested while attempting to exchange the notes in Nagpur. Authorities are now investigating further and expect more arrests to follow as the operation continues.
