Nagpur: In a major breakthrough, Nagpur Police on Saturday busted an extensive racket involving the exchange of demonetised ₹2,000 currency notes. Four individuals, including the alleged mastermind Anil Jain, were arrested for orchestrating the operation, which spanned across multiple states.
The racket leveraged poor men and women, employing them to exchange demonetised notes at the Reserve Bank of India’s Nagpur branch using their Aadhaar credentials. Police sources revealed that the network had been active for months, with Jain running the scheme from Jabalpur, Madhya Pradesh.
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Saturday 01 Feb. 2025
Modus operandi
The operation came to light when Sadar police received a tip-off about Nandalal Govardhan Maurya, a peanut vendor near Vidhan Bhavan, who was allegedly a key player in the scam. According to investigators, Jain supplied demonetised ₹2,000 notes collected from cities including Delhi, Patna, and Chandigarh to Maurya, offering a commission of ₹200 for every 10 notes exchanged into ₹500 bills.
After learning the exchange process at RBI’s Samvidhan Square branch, Maurya expanded the operation by recruiting underprivileged individuals, paying them ₹300 daily to exchange notes. This ensured a steady flow of legal tender back to Jain’s network.
Acting on intelligence, Sadar police raided Maurya’s location on Saturday, recovering ₹60,000 in ₹500 notes. Similar raids on other accused yielded ₹62,500 from Rohit Nageshwar Bawne and ₹80,000 from Kishore Ramesh Bahoriya. Jain was apprehended separately with incriminating evidence tying him to the racket.
The operation was led by Senior PI Manish Thakre, API Nitin Vitole, and PSI Nilesh Ghogare, with support from a dedicated team of officers.
A network across states
Investigations uncovered that Jain, a 56-year-old resident of Dakshin Miloni Ganj in Jabalpur, was the kingpin of a sprawling network catering to businessmen and politicians from Delhi, Lucknow, Benaras, Patna, and Chandigarh. He offered a lucrative exchange rate, earning ₹20,000 for every ₹5 lakh converted into legal tender.
Jain’s frequent travels to Nagpur were critical to the racket’s operations, with the city serving as a hub for facilitating exchanges. Police estimate that currency worth crores of rupees was laundered over the past year without arousing suspicion.
The accused have been remanded to custody, with Jain in police custody and the other three in magisterial custody. Police officials are now probing connections to high-profile individuals who may have benefited from the racket.
The operation highlights the persistent misuse of demonetised currency and the exploitation of vulnerable populations for illegal activities. Police have vowed to dismantle the remaining network and trace the trail of illicit money.
