GHAZIABAD: 9 years after demonetisation, crores of invalidated Rs 500 and Rs 1,000 notes stay stashed with individuals, sustaining a gray market giant sufficient for organised fraud. This was evident from the arrest of eight members of a gang during the last two weeks. The boys have been allegedly behind a multi-level racket that trapped shoppers, primarily merchants and middlemen nonetheless hoarding invalid notes, through social media websites by promising discreet conversion of demonetised forex in change for hefty commissions. Investigation revealed that no forex was ever exchanged, and the gang merely collected bundles of demonetised forex and their advance charges earlier than vanishing. Police have up to now recovered demonetised notes value Rs 3.9 crore from their stash. “Most victims by no means approached police as a result of their very own transaction was unlawful,” Trans-Hindon DCP Nimish Patil mentioned. “The fraud operated via a structured, three-tier chain. The primary tier, which included the just lately arrested SK alias Sharik and Abhinav alias Rahul Buddhi Raja, dealt with negotiations with victims and supplied assurances of changing the notes at 25% of face worth. The second comprised collectors who sourced demonetised forex instantly from shoppers, and the third consisted of couriers who transported the notes to designated handover factors.“ Police mentioned the gang used WhatsApp, Telegram and encrypted calling apps to attach with potential shoppers. Conversations have been coded, identities have been masked, and SIM playing cards have been modified steadily to keep away from monitoring. Abhinav, recognized because the mastermind, coordinated actions throughout the chain and dealt with communications between collectors and couriers. In two rounds of arrests-first on Oct 31 after which on Nov 6 night-cops additionally nabbed Fakhruddin, Nasruddin, Shubham Chaudhary, Arun Kashyap, Mahesh Prasad and Jitendra Kumar. An FIR has been registered underneath BNS sections 318(2) (dishonest), 62 (punishment for trying to commit offences), 61(2) (felony conspiracy) and three/5 (frequent intention) and 5/7 of the Specified Financial institution Notes (Cessation of Liabilities) Act, 2017. Police at the moment are inspecting the digital trails and monetary hyperlinks between the accused and their shoppers. Investigators say two to 3 different suspects named within the FIR are but to be traced. For now, officers are increasing their focus to merchants and middlemen who approached the gang, the very individuals who stored this underground market alive. “Victims hardly ever report these instances as a result of they concern authorized penalties. That secrecy is what the gang exploited for years,” the DCP mentioned.
