The Cash Wash might have brought a host of trade activities to their knees but at least one business in the city is flourishing unchecked.

The construction syndicates across Calcutta are readily accepting the demonetised Rs 500 and Rs 1,000 notes, the largely unaccounted for money being deposited in the personal accounts of the countless foot soldiers only to be withdrawn at a convenient time.

Several syndicate bosses in New Town and other areas of Rajarhat, Gopalpur and Patharghata denied they were accepting the scrapped notes when approached by Metro but were eager to take them when approached in the guise of a builder.

Many were even willing to play moneychanger for a cut, which varied from one syndicate to another. Some offered to exchange Rs 2 lakh in demonetised notes for Rs 1.6 lakh.

Insiders said most of the big-ticket syndicate operators had several smaller ones under their wings. Each of these smaller operatives has bank accounts, through which most of the cash received in demonetised notes is being routed.

This newspaper spoke to a syndicate operative in Action Area II over the phone posing as a businessman who wanted to start a "project" near Pyanchar More (Owl crossing) and was in need of a large quantity of building materials. The "businessman" is ready to shell out Rs 100 lakh but the notes are all of Rs 500 and Rs 1,000 denominations.

After a series of questions on the project details and the background of the caller, the operative said: " Kono ashubidha hobey na (there won't be a problem)."

But how will he handle so many demonetised notes?

"Don't worry about that. Right now I am handling two G+4 projects. My office is near Nababpur. When can you come down?" he asked.

How will he route the notes?

"There are smaller companies under me which have several suppliers. All of them have bank accounts. Korey debo, korey debo (Will do it, will do it). But in the meantime arrange for some amount in Rs 100 notes, too. How much money are you talking about? Nebo nebo (Will receive it, will receive it)."

A prominent syndicate operative who refused to be named said Saiful Islam of Nabadisha syndicate was one of the biggest players in the New Town area.

"Saiful has close to 200 youths working under him in at least 20 groups. It is not a problem for him to route lakhs in demonetised notes," the operative said.

Saiful has an office with a large arena for his fellow workers, a few of whom were around when Metro visited the premises on Monday afternoon.

When asked about Saiful, one of them said: " Neta ekhaney nei (the leader is not here)." Calls on his cell phone went unanswered. A visit to his house proved futile, too.

In Action Area I's DC Block, around 60 syndicate members were huddled in a small office.

Sources said they had gathered to discuss the new rules of business under instructions from their leader, Samir Sardar, alias Bhojai.

Samir was arrested in 2015 on the charge of illegal possession of arms. His son Prasenjit is now a mayoral council member of the Bidhannagar Municipal Corporation.

As the syndicate members grew restless for the meeting to start, Samir stepped out and said: "I am illiterate, can't write or even sign. I don't know anything about all this cash deals."