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Govt staffers, bankers under scanner

COPS CLAIM EXCHANGE DEAL WORKED OUT TO 70:30

| DECEMBER 09, 2016, 12:00 AM IST

THE GOAN NETWORK

PANAJI

Crime Branch of Goa Police suspects the involvement of government servants and bank officials in the racket of exchanging new currency for demonetised notes, which was unearthed during two successive raids conducted by Goa Police, seizing a total of Rs 1.05 crore in new currency from Ponda and Porvorim.

In connection with these raids, Crime Branch on Thursday booked an offence for criminally conspiring and criminal breach of trust against four persons and unknown bank officials and government servants for availing commission from the exchange of new currency notes for the old, demonetised ones.

While the criminal angle will be proved by the Crime Branch, the civil implications of these seizures will be looked into by the Income Tax department. The accused include Farooq Pirzada (43) and Yellappa Ingale, who were detained after the raid conducted by crime branch inspector Vishwesh Karpe near Bethora-Ponda highway on Tuesday, Siddappa Kapparnavar (24) from Indiranagar-Chimbel and Ramesh Narvekar from Merces, who were arrested by Porvorim Police on Wednesday and 'unknown bank officials and government servants'.

No arrests have been affected as of now even though the detainees have remained unsuccessful in giving satisfactory replies. The complaint by Crime Branch inspector Dattaguru Sawant states that both the incidents were of organised crime wherein new currency notes in large figures were to be illegally exchanged for the demonetised currency.

Police believe that this reveals the involvement of some bank officials and government servants in the racket run for commission at the rate of 70:30. Of this, the 'customer' was to be given only 70 per cent of the value of the old notes with the remainder 30 per cent of the amount set as commission. "There is a well-oiled machinery of agents and sub-agents including government officials illegally holding and dealing in exchange of new currency for taking commission from acquaintances for getting their old notes exchange," reads the complaint.

The plaint further points out that it is the government and bank officials who have been entrusted with the property i.e. new currency and that some unknown officials have dishonestly dispersed the new currency in violation of the directions of law prescribing the mode in which such trust is to be discharged.

The act of dispensing new notes from banks in large numbers to an individual cannot be accomplished without prior criminal conspiracy since the announcement by Central government on November 8 with regards to the demonetisation of Rs 500 and Rs 1,000 notes, the investigation team noted.

Suspecting money laundering activities involving new currencies, Goa Police had conducted two separate raids in Ponda and Porvorim within 24 hours seizing a total amount of Rs 1.05 crore in new currency.

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