Kochi: Income Tax sleuths on Wednesday seized Rs 41 lakh unaccounted cash and busted a Tamil Nadu-based gang indulging in providing new currencies in exchange of old Rs 500 and Rs 1000 notes for a hefty commission.
Four persons identified as Raj Thilak, Abdul Salam, Satheesh and Faisal were arrested besides a Tamil Nadu youth, their driver.
According to IT sources, the group arrived in Kochi on Wednesday to provide new currencies sourced from Tamil Nadu to an agent in Kochi who is yet to be identified. "The group had made a deal to provide new notes by charging the commission. For providing Rs 50 lakh in new currencies, they would receive Rs 65 lakh in currencies of 500 and 1000 withdrawn by the government,” they said.
The racket was led by one Raj Thilak, a building contractor based in Coimbatore. “After demonetisaton, he used to procure new notes using his employees from banks after multiple visits to various branches. We had a tip off of the racket contacting agents in Kochi,” sources said.
Earlier, the IT sleuths posed as customers and contacted the agent who asked them to come to the hideout behind the Edapally church.
The five were arrested during the raid. “However, the agent escaped. We’re tracking him and arrest him soon,” police said.
