The police seized demonetised currency notes valued at ₹3.22 crore from a five-member gang at Perinthalmanna on Saturday night. The gang was arrested while transporting the currency in a luxury car with Delhi registration from Kozhikode to Palakkad.
A special police team led by Dy.SP M.P. Mohanachandran acted on a tip-off and found invalid currencies of ₹1,000 and ₹500 denominations hidden in travel bags.
Those arrested with the demonetised currency were Shamsuddin Othayath, 42, from Nadapuram; Mohammed Irshad, 22, from Kolathur; Mohammed Najeeb, 26, from Kolathur; Riju, 37, from Puthiyangadi; and Hashim, 32, from Panniyankara.
The police team was looking into a racket engaged in the collection of banned currencies in the State. The gang’s connection with the main hawala agencies in the State was being investigated.
