Odisha police seized Rs. 1.43 crore cash including Rs. 85 lakh in new currency notes from western Odisha town of Sambalpur, 350 km from here on Sunday.
Large chunk of the cash was being transported in a car while as many as eight persons were arrested and two firearms were seized from them.
“On receipt of credible telephonic information regarding transportation of huge quantity of new currency, a team was formed to verify the veracity of information. During raid and verification of information, the police party stumbled upon huge cash and firearms inside it,” Akhileswar Singh, Superintendent of Police of Sambalpur told media persons.
“Four accused were apprehended with cash and pistols. Preliminary questioning of these accused led to arrest of another four persons. Besides, some additional cash was seized from possession of latter four,” said Mr. Singh.
The accused identified as Zyarat Ali, aged 59, hailed from Sunapali area of Sambalpur while his sons Mohammed Quazzfi (35), Riffat Ali (33) and Sabatin Ali (31) were also apprehended. Rasmiranjan Rout, a bank employee, and his brother Pankaj Rout were taken into custody in this connection. Zyarat Ali was identified as a liquor trader.
As per Sambalpur police, total amount seized during search was Rs. 1,42,91,500. Of total amount, new currency notes were worth of Rs. 85,62,00 while banned notes including Rs. 1000 and Rs. 500 were estimated to be Rs. 25,29,000. Similarly, smaller currencies in Rs. 100, Rs. 50 and Rs. 10 denominations were counted to be Rs. 32 ,00,500.
“Preliminary investigation showed attempts were made to convert huge unaccounted old banknotes into new notes. Arrest of a bank employee showed that conversion of old notes into new ones could not have been possible without involvement of bank employees,” said Sambalpur SP.
Investigators found that insiders in banks were charging 25 to 30 per cent share for conversion of old money into new currency notes. “We are investigating into the case to ascertain the modus operandi,” said Mr. Singh.
