CHENNAI: In yet another seizure of demonetised currencies in less than a month, Rs 2 crore worth currency notes of Rs 500 and Rs 1000 denominations were seized from an advocate’s car on Wednesday by the Intelligence Bureau (IB).
Sources said a team from the bureau, which functions under the Central government, based on a tip-off, intercepted the car of advocate T Salai Shivakumaran at Shankarapuram in Choolaimedu on Wednesday night. The demonetised currencies were found packed inside a sack in the car, police sources said.
Possessing the demonetised currencies in large quantities is made an offense after the expiry of the time limit to exchange them.
The Choolaimedu police were alerted and the advocate was taken for questioning. A senior police officer said two more people were suspected to be involved in the case and they are looking out for them. A special team has been formed to trace the two other suspects. “We are investigating how the advocate got the money,” he added.
The advocate was a resident of Adambakkam and said to be headed to Choolaimedu when he was intercepted by the IB team.
The seizure of the demonetised currencies would be investigated by the Reserve Bank of India under the Specified Bank Notes (Cessation of Liabilities) Act, 2017. The police produced Shivakumaran in a magistrate court on Thursday.