"The Prime Minister (Narendra Modi) had on November 8 said that demonetisation aimed to finish corruption. But has corruption ended even by one percent after that? In fact, it has increased since then. Black money is on the rise," he said.
The AAP national convenor was addressing an election rally in South Goa's Cuncolim constituency.
"I am begging before you on behalf of the entire country to save our nation. Today a huge scandal has been unleashed on the country in the name of demonetisation. The economy is in distress," he claimed.
"I have seen in the entire country the industries are getting closed. The farmers are not able to work. Country's economy is sinking.
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"There is also a rumour that demonetisation scheme is good but its implementation is bad. But I feel that the scheme itself is bad. Modi's intention with this move is also bad," he said.
The Delhi Chief Minister also claimed that since demonetisation, several cases of corruption have come to light.
"Corruption is going on even in banks. Bank officials are asking for bribe to exchange old notes," Kejriwal alleged.
"The who's who of India are in that list. First, Congress did not take any action and now Modiji is also not acting against them. Modi's friends' names are on that list.
"If he (Modi) really wanted to finish corruption, the first thing he should do is arrest all the 648 people and corruption will be finished," Kejriwal said.
He said demonetisation was a "Rs 8 lakh crore scam".
"Modi's intention is not to finish corruption. It (demonetisation) is Rs 8 lakh crore scam. The super rich have taken bank loans, out of which Rs 8 lakh crore has been siphoned off by Modi's friends. CAG has said that out of this 50 per cent has been sent abroad," the AAP leader alleged.