Kochi: The interrogation of gang members from whom the shadow police seized discontinued high-value banknotes of Rs 500 and Rs 1,000 worth Rs 2.30 crore the other day has revealed that they had converted over Rs 15 crore such currencies post demonetization.
A team led by sub-inspector Honey K. Das made one of the biggest seizures late on Saturday after trapping five – Abdul Jaleel (55), a native of Muvattupuzha, Ram T. Prabhakar (41), a resident of Tripunithura, John (51) of Kozhikode, Satyan (54), a native of Thrissur, and Jayan (40), hailing from Irinjalakuda -- by posing as customers.
“They admitted having converted over Rs 15 crore. They used to collect the expired currencies mainly from Gulf Malayalees and trade Rs 1 crore worth old notes for Rs 20 lakh new notes from persons connected with money exchange,” police said.
According to cops, Prabhakar approached a currency exchange agency based in Nettoor with old notes in a bid to exchange it. An employee immediately alerted the police along with his phone number.
Shadow police later approached the accused disguised as a broker and promised to pay him Rs 25 lakh worth of valid currencies for banned currencies worth Rs one crore.
Both parties “agreed” to show the respective currencies and headed to Muvattupuzha where the gang had stored the old notes in a rented house. A team of cops followed them secretly. As soon as the party reached Muvattupuzha, the shadow police surrounded the house and seized the cash and records of past money transfers.
