Archive · 31 Jan 2026
₹400-Crore Demonetised Cash Heist Investigation Unfolds
There's a big investigation happening about a lot of old money that was supposed to be worthless.
Some people say that ₹400 crore of this old money was stolen, but others say it was all a trick to cheat a builder named Kishor Sawla.
A man named Virat Gandhi, who is involved in illegal money deals, says the whole story is made up.
But the police have recordings that show people talking about a lot of money.
The police are still trying to figure out what really happened.
They are also looking for the builder who is missing.
The old money is supposed to be out of circulation, but some of it is still missing, which is a big concern.
Virat Gandhi, a hawala operator, claims the ₹400-crore heist is fictitious and alleges a ₹35-crore cheating scheme against builder Kishor Sawla.
Recorded conversations contradict Gandhi's claims, indicating discussions of ₹150-200 crore and involvement of a Gujarat-based minister.
Demonetised cash was allegedly transported in containers from Karnataka to Ahmedabad when it was looted at Chorla Ghat.
RBI data shows ₹5,669 crore of ₹2,000 notes still in circulation as of December 31, 2025, raising concerns about the currency withdrawal process.
Investigation involves multiple states and is ongoing, with conflicting narratives and no conclusive evidence yet.
- Who
- Virat Gandhi (hawala operator), Machindra Madhvi, Kishor Sawla (builder), Sayyad Azhar Ali
- What
- Alleged ₹400-crore demonetised cash heist and cheating case
- When
- Heist allegedly occurred on October 16, 2023; investigation ongoing
- Where
- Chorla Ghat, Maharashtra-Karnataka border; Ahmedabad, Thane, Chennai, Dubai
- Why
- To convert demonetised cash into legal tender and cheat investors
- Accused
- Virat Gandhi, Machindra Madhvi, Kishor Sawla, Sayyad Azhar Ali
- Alleged Amount
- ₹400 crore
- Location of Heist
- Chorla Ghat, Maharashtra-Karnataka border
- Date of Heist
- October 16, 2023
- RBI Data
- ₹5,669 crore of ₹2,000 notes in circulation as of December 31, 2025
- Investigating Agency
- Special Investigation Team (SIT)