Thrikkakara police on Friday arrested V P Rasheed, owner of Oriental Timbers, and his son Asher Rasheed on charge of stealing money from a package that was sealed by the Income Tax Department. They were arrested after their anticipatory bail pleas were dismissed by the District Additional Sessions Court on Tuesday.
According to police, the IT Department had raided Rasheed’s residence and sealed Rs 82 lakh, which was an unaccounted amount. The IT sleuths had, however, returned the money to the businessman according to their rules, but asked him not to open the seal or use the money.
But, it was later found that Rasheed had opened the seal and allegedly removed Rs 80 lakh from the package. During the preliminary investigation, it was found that the money kept under seal had been tampered with and that the accused had committed criminal breach of trust, police said. The arrested were produced before the Aluva Judicial Magistrate Court on Friday and were remanded in judicial custody.