With regard to the demonetization and exchange mafia of big notes, Enforcement Directorate raids on 54 banks across India. It is reportedly declared that certain irregularities are noticed in banks in exchange of banned currency on commission basis after demonetization. ED started inquiries regarding money laundering and Hawala complaints. Income Tax Department issued letters to ED claiming some nationalized bank managers involvement in money exchange on commission basis. IT department is said to endorsed 30 such cases to ED with the complaints that Branch Managers are doing Hawala Transactions. As per the latest reports 11.5 lakh crores of banned money is deposited in banks in big cities.