MALAPPURAM: A special team of police seized banned currency with a face value of Rs 1.75 crore from a six-member gang at a furniture showroom at Kolathur near Perinthalmanna on Monday.
The gang members –– Panayullathil Subair, 52 and Kuniyil Ashraf, 45, of Villyappalli in Vatakara; Irumbalayul Siyad, 37, of Valanchery , Muhammed Irshad, 28, and Salih Famis, 21, of Kolathur and Idayattil Muhammed Asharf, 39, of Cherupulassery –– have been arrested by the police team.
According to police, the total face value of the demonetised currency notes of Rs 500 and Rs 1,000, which were seized, is Rs 1,75,85,500.
Police said the notes were sourced from different parts of Kozhikode district and the gang was planning to exchange them with the original currencies.
Perinthalmanna DSP Greeshma Rameshan said that there is a national-level network collecting such banned currency notes and the police are yet to find out their motives. “Only a detailed probe can unearth the details of the racket”, she added.