Enforcement Directorate arrests Kolkata businessman Paras M Lodha in money laundering case

The Enforcement Directorate has arrested a Kolkata-based businessman here in connection with alleged coversion of over Rs 25 crore in old currency in new notes as part of its probe under money laundering laws after demonetisation.

Officials identified the businessman as Paras M Lodha and said he was arrested by the agency here late on Wednesday here after he was questioned in the case.

They said he was first intercepted by its sleuths at the Mumbai airport yesterday, based on a look out circular, while he was reportedly trying to fly out.

They said the agency arrested him “in connection with conversion of more than Rs 25 crore of old notes to new notes in Shekhar Reddy and Rohit Tandon cases.”