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Police in Kanpur seize Rs100 crore in banned currency notes

The authorities informed the Reserve Bank of India (RBI) and Income Tax officials.

SNS | New Delhi | January 17, 2018 2:27 pm

Police in Kanpur seize Rs100 crore in banned currency notes

(Photo: Getty Images)

The police and the National Investigation Agency (NIA) seized Rs 100 crore in banned Rs 500 and Rs 1000 currency notes from a house in Kanpur.

The notes, which were banned in November 2016, were neatly stacked up like a ‘bed’. The police were tipped-off by the NIA. The elite investigation agency shared the details with the police because they didn’t suspect any terror angle.

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According to the NIA, the money might belong to four-five individuals or groups.

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Following the tip-off, cops in civil dresses were deployed in the areas where the hotels were located.

As many as 16 people, including a noted builder and a professor, have been arrested in connection with the haul. Authorities say that the money was stored in gunny bags and hidden in the builder’s house with the intent of converting it into legal currency through illegal means.

According to reports, the gang is from the east Uttar Pradesh. The members of the gang were putting up at different hotels in city.

The authorities informed the Reserve Bank of India (RBI) and Income Tax officials.

Currency notes of the two denominations were banned as the nation aggressively went through with the Centre’s demonetisation drive. People returned Rs 500 and Rs 1000 notes in their possession to the banks in the following months.

The RBI has said that 99 per cent of the demonetised notes have returned to the banks. In November 2017, the NIA had recovered Rs 36.34 crore in demonetised currency in Delhi.

This Kanpur seizure is the biggest since demonetisation.

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The Kerala High Court, on Thursday, granted bail to M K Nasar, one of the individuals convicted by the special NIA court last year in the case of chopping the hands of Professor T J Joseph in 2010. A division bench comprising Justice Raja Vijayaraghavan and Justice P V Balakrishnan suspended Nasar’s sentence and granted conditional bail to him after considering his appeal against the NIA court’s conviction in the case Considering the prolonged detention and citing the potential for trial delays, the court suspended Nasar’s sentence and granted conditional bail, taking into account that some co-accused with similar allegations had already been released after serving shorter terms. The court noted that he had already spent nine years in jail and that delays in resolving appeals could justify suspending a convict’s prison term. It also observed that other accused in the case had received lesser sentences and had already been released after serving their terms. “The applicant has been undergoing incarceration, at the pre-conviction and post-conviction phases, for over 9 years. Furthermore, the fact that the accused facing the same allegations were earlier imposed a lesser term of imprisonment and have been released after having undergone the sentence is a factor that cannot be ignored. Additionally, the appeals filed by the NIA against the findings of the learned Sessions Judge are being considered in separate appeals, which have not yet been taken up. “There is also the likelihood of delay, as the prime accused has surrendered, and the learned Sessions Judge may have to take up the trial and dispose of it in accordance with the law and some of the original records may be required for that purpose. In view of these facts and circumstances, we are of the considered opinion that the sentence imposed on the applicant can be suspended pending the consideration of the appeal.” The court said The court, however, imposed strict conditions for Nasar’s bail. He is not supposed to provide a bond of Rs 1 lakh with two sureties, refrain from leaving the country without the court’s permission, avoid interfering with the trial or witnesses, and not commit similar offences while on bail The gruesome incident dates back to July 4, 2010, when Joseph, a professor at Newman College, Thodupuzha, was returning from Sunday mass with his family, members of the now-banned Popular Front of India (PFI) attacked him, allegedly in retaliation for a question paper he set, which contained a passage that they claimed insulted Prophet Mohammed was derogatory. His right hand was chopped off in this attack. Nasar was accused of playing a critical role in the attack. Investigations revealed his involvement in recruiting gang members, assigning specific tasks, collecting funds, procuring communication devices, and maintaining communication links with key conspirators.

The Kerala High Court, on Thursday, granted bail to M K Nasar, one of the individuals convicted by the special NIA court last year in the case of chopping the hands of Professor T J Joseph in 2010.