Three held from Malaparamba with banned notes worth Rs 1.5 crore
The police had seized demonetized notes worth Rs 4.5 crore from various parts of Perinthalmanna during the past two months.
Malappuram: The Perinthalmanna police seized Rs 1.5-crore demonetised currencies of Rs 1,000 and Rs 5,00 denominations and arrested three persons from Malaparamba near MES Medical College on Wednesday. The three who carried the notes hidden inside a luxury car were identified as Valancheri natives Chuttikkal Sirajudheen, 39, and Vathukattil Abbas, 37, and Thiruvananthapuram native Shamsudheen, 60. The police also took two luxury cars into custody.
They were held during a special operation launched by a team led by Perinthalmanna DySP M.P. Mohanachandran and Inspector T.S. Binu following intelligence alert. The dealers were facilitating the exchange of demonetised notes through the cooperative banks. The police trapped the three after striking a deal to exchange the banned notes and invited them to Perinthalmanna.
“We are also investigating whether the accused have any connection with black money dealers in Tamil Nadu and Karnataka. The source of the confiscated notes is yet to be traced,” Mr Mohanachandran said.
A clandestine network offers huge commission for exchanging the defunct currencies, he said.
The police had seized demonetized notes worth Rs 4.5 crore from various parts of Perinthalmanna during the past two months. Eight persons were arrested in connection with two cases during the period and two luxury cars were taken into custody.