ED arrests hawala trader Paras Lodha from Delhi

New Delhi, Dec 22 (IANS) The Enforcement Directorate said on Thursday that it arrested hawala trader Paras Mal Lodha here for converting more than Rs 25 crore in old notes linked to businessman J. Shekhar Reddy and lawyer Rohit Tandon into new currency.

The Kolkata-based businessman was arrested on Wednesday night after hours of questioning by the ED officials.

The Central Bureau of Investigation on Wednesday arrested businessman Reddy and two others from Chennai for money laundering.

The Income Tax department recently seized 177 kg of gold and cash totalling Rs 96 crore in old 500 and 1,000 rupee notes and Rs 34 crore in new currency from Reddy and two others.

Reddy, a contractor, had reportedly executed a lot of work for the Tamil Nadu government.