Cops looking for drugs seize demonetized currency worth Rs 1 cr in Tamil Nadu

Sabir had assured his partners that he would exchange the notes for new ones but was unable to fulfil his promise.
Demonetised currency notes of Rs 500 and 1000.
Demonetised currency notes of Rs 500 and 1000. (Photo | File)

SALEM: A 30-year-old man arrested over the possession of demonetized Rs 500 and Rs 1,000 notes worth Rs 1 crore was remanded by the court on Friday.

The accused S Sabir was into real estate business along with his partners Balaji and Gokulakrishnan. The demonetised currency was found in his house at Masinaickenpatti during a search by the Ammapet police on Thursday.

Sources say the trio was left with Rs 1 crore as the Centre demonetised high-value currency in November 2016.  Sabir had assured his partners that he would exchange the notes for new ones but was unable to fulfil his promise.

Balaji died during the COVID-19 pandemic in 2021. When Gokulakrishnan questioned Sabir about the money, Sabir claimed he had spent Rs 1 lakh in an attempt to exchange the notes and demanded reimbursement from Gokulakrishnan before handing over the remaining sum.

In response, Gokulakrishnan allegedly filed a false complaint with the Ammapet police, accusing Sabir of possessing illegal drugs. Acting on this information, police searched Sabir's residence the other day.

The Ammapet Police Inspector told TNIE, "Based on the information given by Gokulakrishnan, we searched Sabir's house and found the old Rs 500 and Rs 1,000 notes. Sabir was arrested on Thursday and remanded on Friday morning."

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