Enforcement Directorate nabs Parasmal Lodha for converting Rs 25 crore of old notes

Kolkata businessman Parasmal Lodha was arrested by the Enforcement Directorate for allegedly converting over Rs 25 crore in demonetised currency notes into new ones, reports News18. According to the report, Lodha has links with industrialist J Shekhar Reddy, who was arrested along with his associate K Srinivasulu on Wednesday.[caption id="attachment_3121940" align="alignleft" width="380"]

Representational image. PTI[/caption]Reddy and Srinvasulu's arrests were also in the context of illegally exchanging old notes for new ones and going against RBI guidelines.News18 also points out that Lodha had earlier been detained from Mumbai's Chhatrapati Shivaji International Airport after it was discovered that the sum of Rs 13 crore seized from the office of lawyer Rohit Tandon in Delhi's Greater Kailash area, belonged to Lodha.He is not believed to be related in any way to builder and BJP leader Mangal Prabhat Lodha.More details as they emerge.