SAMBALPUR, 5 Dec: Odisha Police on Sunday busted a currency exchange racket in scrapped notes with the seizure of over Rs. 1.42 crore and arrested eight persons from Sambalpur district.
The Sambalpur police also discovered two pistols, five live rounds of bullets and a car from their possession.
The police have seized Rs. 1,42,91,000 out of which Rs. 85,62,000 is in newly-introduced currency.
Sambalpur senior police officer Akhileshvar Singh informed that Rs. 85 lakh in new currency notes and Rs. 24 lakh in scrapped currency were seized from the arrested persons.
“It would not be possible to get such a large amount of new denomination notes without the involvement of bank officials. Questioning is on and the police will probe to elicit information how they managed to get so much of new currency,” Mr Singh said.
A bank official’s involvement has also been found in the case and he is among the arrested persons, the police officer added.
“Prima facie, it appears that a bank official was involved in the trading of the scrapped notes. Involvement of more bank officials cannot be ruled out,” said Mr Singh.
Mr Singh said a liquor businessman, who was among the eight arrested persons, was hoarding the currency notes to evade tax and was trying to convert his black money into white.