Mumbai: The investigation into the alleged Rs 400-crore demonetised cash operation has entered a dramatic and confusing phase, with one of the key accused attempting to dismantle the very foundation of the case. The Special Investigation Team (SIT) probing the matter claims that the arrested accused has taken a contradictory stand, forcing investigators to re-examine whether a massive cash heist actually occurred or if the case revolves around a large-scale cheating operation.
During interrogation, the accused, an Ahmedabad-based hawala operator currently in custody, reportedly told investigators that the supposed Rs 400-crore cash movement never happened. According to his statement, there was no demonetised currency involved at any stage and the story of a cash transfer was fabricated as part of a plan to cheat a real estate developer based in Thane.
However, investigators say this version quickly began to fall apart when they confronted the accused with digital evidence, including recorded phone conversations. These recordings allegedly contain discussions involving demands for extremely large sums of money, far exceeding the amount the accused claims was at the centre of the alleged cheating plan.
Officials probing the case believe the conversations suggest negotiations for sums running into hundreds of crores, casting serious doubt on the claim that the episode was limited to a Rs 35-crore fraud. Investigators are also examining the possible involvement of an influential political intermediary who may have played a role in connecting different parties during the alleged transaction.
The case originally came to light after claims surfaced that a huge consignment of demonetised Rs 2,000 notes was being transported in container trucks from southern India towards Gujarat. The cash was allegedly intended to be routed through a religious institution before being converted into usable funds. According to the initial complaint, the cash-laden vehicles were intercepted and looted while passing through a forested ghat section near the Maharashtra–Karnataka border, an area known for smuggling activity.
As the probe progressed, multiple accused were arrested, each presenting a different explanation. While some maintained that a massive cash conversion deal was underway, others claimed the entire narrative was a façade designed to gain the confidence of investors by showcasing political access and financial reach.
Investigators are now trying to determine whether the demonetised cash ever existed or whether the promise of converting such a large sum was merely bait used to extract money from investors. The alleged victim in the case is believed to have paid a substantial amount as a “security deposit” after being assured of unusually high returns.
The SIT has admitted that the investigation has become increasingly complex, with no single version fully supported by the evidence collected so far. Call records, financial documents and electronic data are still being analysed to establish whether the story points to a real cash movement or an elaborate con.
Adding another layer to the mystery, a new individual linked to logistics and transport has emerged in the probe. This person is believed to have arranged the containers allegedly used for moving the cash and is currently suspected to be outside the country.
Given the alleged route of the consignment, police teams from Maharashtra, Karnataka and Goa are coordinating closely. Authorities are conducting joint verification exercises in the border regions to check transport records, toll data and local intelligence inputs.
Senior officials say the investigation is approaching a critical stage. Once all key players are questioned, the SIT hopes to conclusively determine whether the case involves one of the largest demonetised cash movements ever alleged, or whether it is a carefully constructed financial deception built on false claims and exaggerated figures.
