Chennai: Businessman loses Rs 14 lakh in old notes to robbers at knife point

Chennai: A businessman from Royapettah, who tried to change through an unofficial route Rs 14 lakh rupees, all in old Rs 1,000 notes, was robbed in Nungambakkam on Saturday night at knife point, police said here.

According to the police, Sayed Ali, a cloth merchant from Royapettah was not interested in depositing the amount in the bank as he was not keen on disclosing it to the government.

He wanted to change the notes to legal currency after his cash stock of ' 14 lakh became invalid following the demonetisation. Sayed Ali told police that Jagir, who was known to him, had promised to make arrangements to change the money through a bank manager known to him. As per the plan, Sayed Ali was to meet the bank manager at Nungambakkam.

As he was waiting for the bank manager on Saturday night along with Jagir on College Road, a 5-member gang approached him and robbed all his money at knife point. The gang came in bikes and fled after snatching the cash bag.
Immediately after the incident, Sayed Ali approached the Nungambakkam police and registered a complaint. “We have detained Jagir for questioning,” the police said adding that investigators believe the information about the money with Sayed Ali could have been leaked only through Jagir.

This is the second incident of an illegal, large scale cash exchange transaction turning into a robbery. Police had on Friday arrested three persons for robbing Rs 10 lakh cash from a civil contractor who wanted to change his unaccounted money.