The Enforcement Directorate, ED has arrested Paras M Lodha, a Kolkata-based businessman in connection with alleged money conversion of over 25 crore rupees demonetised currency into new notes. ED will produce Lodha in a court in New Delhi to obtain his further custody under the provisions of the Prevention of Money Laundering Act.<br/><br/>'Paras M Lodha is a well known businessman with interests in real estate and mining.The CBI had yesterday arrested businessman J. Shekhar Reddy and his associate K. Srinivasulu in the same case.<br/><br/>'The Income Tax department had recently seized 127 kg of gold and cash totalling over 100 crore rupees in old 500 and 1,000 rupee notes and 34 crore rupees in new currency from businessmen Shekhar Reddy and Srinivasalu.<br/>'<br/>Sources in I-T Department said, these raids formed solid footing to raid the premises of Tamil Nadu Chief Secretary Ram Mohana Rao. Shekhar Reddy is alleged to have business links with Chief Secretary's son, Vivek Rao. He is reported to have executed a lot of work for the Tamil Nadu government.