Demonetization has led to thriving commission racket in DK?

Mangalore Today News Network

Mangaluru, Dec 9, 2016:  There is a strong suspicion that a huge racket involved in  exchanging the demonetized notes for new currency on commission basis, was active in Dakshina Kannada district.

If cash of Rs 18.80 lakh was seized in Puttur on Wednesday, earlier on December 1,  Rs 71 lakh was seized in Bailur. If those arrested in the Puttur incident were from Bantwal, those arrested at Bailur near Karkala are from Kudroli in Mangaluru.

The three accused arrested in Puttur case have during interrogation admitted that the cash belonged to them. However, as they are neither traders nor industrialists, there is a stung suspicion that they might be hiding the truth. Most interestingly, the seized cash was  in the form of brand new Rs 2000 notes. They had as many as 840 new notes. When banks have set certain limits for withdrawal of cash, the question remains as to how they could lay hands on such large quantity of new notes.

Investigators need to find out the source from which they procured the new notes. Presently, the three accused namely Jaffer Sharief, Nazeer and Mohammad Iqbal have been remanded to judicial custody.