Police confiscated Rs 49.5 lakh in cash, including a whopping Rs 42 lakh in the new 2,000-rupee notes, by raiding the house of a textile merchant in Chamarajpet, central Bengaluru. Three men have been arrested over the cash seizure.
The Kalasipalyam police got the hint of the huge cash following a tip-off that a man was moving around with a bag and talking on phone near the Kalasipalyam bus stand on Wednesday night. A team of policemen detained one Pintu and found Rs 5 lakh in the bag.
The man told the police the cash belonged to his boss, Gulab Singh, who owns six apparel stores.
Policemen then searched Singh's house in Chamarajpet and were stunned to find Rs 42 lakh in the new 2,000-rupee notes. They also found Rs 2.5 lakh in the scrapped notes of 500- and 1,000-rupee denominations.
No documentary proof
One Sudhakar Nayak, who was present in the house, told the police that the money was meant to be paid to their staff. But police sought documentary proof on the source of the new notes. The suspects reportedly didn't have any.
Police believe that the suspects procured the new notes by swapping the scrapped bills at banks through their proxies. The seized cash has been handed over to the jurisdictional court, and the suspects have been remanded in judicial custody.
The Kalasipalyam police got the hint of the huge cash following a tip-off that a man was moving around with a bag and talking on phone near the Kalasipalyam bus stand on Wednesday night. A team of policemen detained one Pintu and found Rs 5 lakh in the bag.
The man told the police the cash belonged to his boss, Gulab Singh, who owns six apparel stores.
Policemen then searched Singh's house in Chamarajpet and were stunned to find Rs 42 lakh in the new 2,000-rupee notes. They also found Rs 2.5 lakh in the scrapped notes of 500- and 1,000-rupee denominations.
No documentary proof
One Sudhakar Nayak, who was present in the house, told the police that the money was meant to be paid to their staff. But police sought documentary proof on the source of the new notes. The suspects reportedly didn't have any.
Police believe that the suspects procured the new notes by swapping the scrapped bills at banks through their proxies. The seized cash has been handed over to the jurisdictional court, and the suspects have been remanded in judicial custody.