Rs 20 lakh unaccounted money seized from timber merchant in Kerala

THIRUVANANTHAPURAM: The Museum police  seized the unaccounted money of a timber merchant worth Rs 20 lakh from two different locations on Friday. The police did not reveal the name of the merchant who resides at Jawahar Nagar. The police received a tip-off that bundles of Rs 500 and Rs 1000 currencies worth 10 lakh were stashed in  an interior decoration shop at Sasthamangalam. The income tax department and police seized the money and the shop owner revealed that it was brought for safe keeping by his timber merchant friend.

A raid was conducted at the apartment of the merchant at Jawahar Nagar and another Rs 10 lakh was seized. “The merchant  claimed that he had earned the money through trade which he and his father had  been doing for years. It is not clear whether the money was kept for exchange or disposal due to the  demonetisation of Rs 500 and Rs 1000 currency notes,” officials said. Polices seized the currencies under Section 102 of CRPC and will produce the money in court. A parallel probe has been started by the income tax department.  The money will be returned if supporting documents are produced in the court.