The Crime Branch on Monday arrested former Congress MLA Rajesh Jain for allegedly using fake bank accounts to exchange old ₹1,000 and ₹500 notes for new ₹2,000 and ₹500 notes during demonetisation.
Mr. Jain came under police scanner following a raid on the premises of T&T law firm owner Rohit Tandon. According to a senior police officer, Mr. Jain allegedly conspired with Mr. Tandon and made several dubious transactions during demonetisation.
In the raid conducted on December 10, ₹13.5 crore was seized from the law firm’s office in GK-I. Of this, ₹2.6 crore was in new currency notes. Mr. Jain allegedly conspired with Mr. Tandon to make illegal transactions worth ₹50 crore using forged documents and shell company accounts, the police said.
The former MLA also came under the Enforcement Directorate’s scanner for money laundering after the Delhi Police registered a first information report in connection with illegal transactions. The ED searched his home-cum-office in May.
Mr. Jain is also being investigated for his alleged links with businessman Gagan Dhawan, who was arrested by the ED recently in connection with money laundering.
