Demonetisation Biggest Scam After Independence: AAP


35 lakh people lost their jobs due to demonetisation, the workforce statistic fell below 1.5 crore and GDP growth rate dipped by over 1.5 per cent, AAP leader said.

NEW DELHI (IANS) — As the country completed two years of demonetisation, Delhi’s ruling Aam Aadmi Party (AAP) on Thursday called it the “biggest scam” after India’s independence which demolished national economy

AAP South Delhi Lok Sabha in-charge Raghav Chadha ridiculed Prime Minister Narendra Modi by saying that all his claims about the effects of demonetisation had fallen flat.

Modi had said that the note ban would check black money, derail terrorists and the business of fake notes would end, Chadha said.

But ceasefire violations by Pakistan had increased and so had terrorist activities in Jammu and Kashmir, he said.

He added that 35 lakh people lost their jobs due to demonetisation, the workforce statistic fell below 1.5 crore and GDP growth rate dipped by over 1.5 per cent. Small businesses were virtually decimated.

The AAP spokesperson said the only purpose of demonetisation was to convert black money “held by the BJP and its leaders” to white.


  1. demonetusationThe Demo Scam – which no Newspaper reported – as they were all paid off – as they are of the ilk of the Brahmins and Banias.dindooohindoo

    It is the disaster of the Brain of Narendra Modi ! dindooohindoo

    Part 1

    Conversion Route (Elementary Level – rest to be submitted at the CIC Hearing)

    • Party A has Rs 1 crore of Old Cash (which is obviously unaccounted) and the choice of paying tax and interest thereon has lapsed as there is no VDIS – and post Demo the deemed tax is 100% at the minimum
    • Party B (Stage 1 Converter) has Rs 65 lacs of New Cash – which is given to Party A in lieu of the Old Cash of Rs 1 crores which is then given to Party C to X as under:
    o Party C to X (Stage 2 Converter) are legal entities who trade in Nil VAT/ST products (or under Exemptions and /or Compounding) and are POS Retailers who then , make manual or backdated E-Bills for fictitious sales of items to unknown individuals and deposit the new cash into the bank
    o Party C to X deposit the cash in banks whose books are open for 30-45 days before the date of announcement of the Demo or whose IT systems allow backdating of E- Bank Statements (within the period of reporting to the RBI and other Regulators)
    • Party Z then taps Party A to convert the New cash Received of Rs 70 lacs into a capital entry to clean the cash at a rate of , say 15%, wiring Rs 59 Lacs to Party A, as a capital receipt etc, and taking the Rs 70 lacs of new cash from Party A
    • Party Z which is basically front for Party B – hands the cash to Party B, after charing the custodial, logistics and security charges
    • Party B then resumes the same chain as in Step 2 above, wherein the rate of the conversion, id.est., 30% keeps rising as the DEMO deadline appears
    • Party A can convert the Rs 50 lacs into cash – new and old – at a premium, at any time that it is required


    • Since converters had the new cash within a day and as per news reports , even before the announcement of Demo, they have to be part of the establishment
    o If the converters had withdrawn the new notes from the bank, the banks would have tipped off the DRI/ED etc and possibly reported to the RBI – in which case they would be raided (but were not) or they would have to explain why large amounts of cash were withdrawn (for labour wages – although wages are not paid in Rs 2000 notes , agri payments etc) and on specific dates and how/why the banks were satisfied about the same
    o Hence, if the converters got the new cash o/s the Banking system – that is fraud and PROOF THAT THE CONVERTERS ARE PART OF THE ESTABLISHMENT
    o If the converters got the new cash from the banks – it is proof of collusion and fraud by the bankers, as past patterns of withdrawal by bank customers (for labour, wages, agri payments etc), would not support the new notes withdrawal
    • Since converters had TO TRANSPORT CASH ACROSS LOCATIONS, IT WOULD HAVE REQUIRED SECURITY OR PERHAPS STATE SECURITY, they have to be part of the establishment as
    o It is impossible that the state would not be aware of the logistics and security
    o It is impossible that the state would not raid the cash movement
    • Since Party C to X, who would have reported drastic increase in cash sales and deposit of cash into the bank , would not be able to support the same by PAST PATTERNS OF RAW MATERIAL PURCHASES AND TRADING PURCHASES AND SUCH LARGE AMOUNTS OF PURCHASES OF RAW MATERIALS IN CASH – COULD NOT HAVE BEEN JUSTIFIED BY PARTY C TO X , W/O THE SUPPORT OF THE ESTABLISHMENT

    • Cash recovered in the “form of old notes” by the “DRI/ED and the Police” – were all recovered from the “so called originators” and “so called garbage dumps”- w/o “a single case of cash recovered” from “the converters/entry operators”

    • No cash was recovered from the “converters/entry operators (Party B and Party C to X, as stated above)”, who are obviously part of the establishment – which is unusual , as the operators would be having the new currency which

    o Is either kept in a house/safe or
    o Stocked in the bank (which would have tipped off the DRI/ED etc or
    o Transferred the cash around in new stocking points and neither of the 2 above points can happen w/o the support of the establishment

    • Since the GDP is still growing on the “computation mode of GDP on expenditure mode”, and there is “no shortage of notes” of less than Rs 100,it would mean that the Industrial agglomerations typified by the SSI and the Cash sector,have been “able to convert the bank deposits”, back into cash – “obviating the purpose” of the notebandi (Rs 100 is assumed,as the wages are paid in that denomination

    • Since the GDP is still growing on the computation mode of GDP on expenditure mode, and there is no shortage of notes of Rs 500 and Rs 2000,it would mean that the Industrial agglomerations typified by the SSI and the Cash sector,have been able to “convert the bank deposits back into cash” – obviating the purpose of the notebandi (High denomination notes being used for “sales,logistics and purchases”, if at all required)

    • It is of interest to know how Billions of USD of New Notes “were available with Entry Operators”,on Day 5 of the scheme (to build demand from Day 0), at “strategic demand and vantage points” in “key capitals and towns”, across India – for converting the old notes

    • It is of interest to know “how and why” the Billions of USD of INR, in the form of “new notes being delivered to the user” and the “old notes delivered to the entry/converter operator”, was “logistically executed” – with “not a single case” of “interception” by the police/DRI/IB/CID/ED – as the “logistics was provided by the state” – Police (all interceptions were from the “end user of petty amounts” and could have been “fake note plants”, by the GOI – as the notes were cancelled in any case)


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