Chhattisgarh: Maoists’ Golden Strategy to Beat Future Demonetization-Build Revenue Base in Gold
The Naxals’ cash and gold dump was recovered following tips given by the surrendered Maoists
Raipur: Recovery of one kg of gold in a Naxal dump, unearthed by the security forces in a forest in the Indravati National Park area under Bijapur district in south Bastar of Chhattisgarh, has suggested that post demonetization the Maoist leadership has adopted a new strategy to protect their revenue, earned from the extortion of civil and forest produce contractors, by investing in the yellow metal, intelligence sources said on Thursday.
Maoists have reviewed their policy of protecting their revenues, generated from different sources of extortions by creating cash dumps in the forested areas in their strongholds in Bastar, after they suffered huge financial losses during the demonetization in November- December 2016, a senior police officer said.
“Security forces had busted the Maoists’ currency exchange racket during the demonetization period by seizing high value currency notes, worth crores of rupees, declared invalid then. The demonetization had shattered the financial backbone of the Maoists, leading to their gradual downfall”, the police officer said, unwilling to be quoted.
The reds had then revisited their plan to manage their revenue by exchanging the money for gold and protect the yellow metal by hiding it in their dumps, the police officer said.
This will not only help in beating any future demonetization but also shore up their revenue with the increase of gold price, the police officer said.
When contacted, Bastar range inspector of police P Sunderraj said that possibly Maoists have considered it wise to convert cash into gold and hide the yellow metal in their dumps created in their strongholds after the demonetization shattered their financial backbone.
“Besides, it will also be easy for them to carry the gold to the places of their choice for the purpose of selling whenever they need money”, Mr. Sunderraj said.
The Naxals’ cash and gold dump was recovered following tips given by the surrendered Maoists, sources said.
Besides one kg of gold, a cash of Rs 3.61 crore was recovered in the particular Naxal dump.
“We hope to unearth more such gold dumps of Naxals when the top Maoists, who have surrendered or been arrested, open up about it”, a senior police officer said.