The Thiruvalla police have arrested the Niranom panchayat president, K. P. Punnose, 68, and Vimalraj, 31, an agent from Tirunelveli, in connection with the seizure of three `Yugoslavian Dinar’ reportedly worth a total of Rs.105 crore from them on Sunday.

According to police, both the accused were taken into custody from Thiruvalla town on Saturday night when Vimalraj reportedly made an attempt to ran away with the three foreign currency notes.

The police suspect that the duo were trying to convert the `currency’ notes with the help of an authorisation letter obtained by Mr. Punnose from the Reserve Bank of India on behalf of a private trust named Olivermala run by him. He is the elder brother of Bishop K.P.Yohannan of the Believers Church.

Superintendent of Police, P. Vimaladitya, said the police was verifying the authenticity of the currency and a case has been registered for cheating against the two.

Both the accused were produced before the Judicial First Class Judicial Magistrate in Thiruvalla on Sunday and have been remanded to the District Jail in Pathanamthitta for 14 days, later, in the afternoon, police said.

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