COIMBATORE: Acting on a tip-off, Intelligence Bureau officials from New Delhi searched a bungalow, belonging to a DMK functionary near Bommanampalayam and found 268 bundles of demonetized currency notes of Rs 1,000 face value in a secret room. When they examined these bundles, officials found that only the first note of each bundle was demonetized currency and the remaining were newspapers.
IB officials have also seized 660 bundles of newspapers cut into the size of currency notes. These bundles were kept in carton boxes and stocked in a secret room inside an office room shelf.According to police, IB officials got a tip-off that Rashid and three others were into illegal money transaction. They are believed to have entered into deal with a person from North India claiming that they had huge amount of demonetized currency notes and once the Government at the Centre changes, the note would be legalized again.
Suspicious over the claim the person informed IB officials, who raided the house on Saturday night along with the local police. The bungalow belonged to a DMK functionary Anandhan, son of former DMK MLA Elango, which was rented to Rashid from Neelambur who runs Royal Tech Company in the bungalow. The search operation was still going on when going to print.