Police Tuesday claimed to have recovered Rs 22 lakh demonetized currency from the residence of a former police officer in Srinagar.
Senior Superintendent Police Srinagar, Dr Haseeb Mughal, said that initially a youth was arrested and Rs 3 lakh demonetized currency was recovered from his possession at a check point at Rajbagh area of the city. The arrested youth was identified as Mohammad Iqbal Dar son of Abdul Salam Dar of Bowgund area of south Kashmir’s Kulgam district.
The city police chief said that during the investigation into the case the youth disclosed that he had “dumped” more demonetized currency in Jawahar Nagar area here.
Subsequently, a police team from Rajbagh police station raided the house of Ghulam Ahmad son of Abdul Ahad at Jawahar Nagar and recovered rupees 22 lakhs demonetized currency in 1000 and 500 denominations from there, Mughal said.
Ghulam Ahmad, according to a police officer, is a retired Superintendent of Police of Armed wing. He is being questioned in the case, he said.
Police believes that the exchange of old currency notes with the new currency was still taking place in nexus with the bank officials.
“There is a nexus. People, who still possess the old currency, are possibly in nexus with officials of different banks and currency conversion is still taking place here,” Mughal told reporters in a press conference.
Further investigation into the case is underway, he said.
The Srinagar police head said that they will involve income tax department into the case. He said that the investigation is underway, however, no arrest of any bank official has been made in this connection.