Malappuram: Busting a currency exchange racket, police have seized Rs 39.98 lakh in Rs 2,000 denomination notes at Tirur area in Malappuram district and arrested a man, already facing a hawala case, in this connection.
While Rs 3 lakh was seized from 63-year-old Shoukath Ali at the bus stand in Tirur, Rs 36.98 lakh in Rs 2,000 notes was recovered from the residence of a businessman, police said, noting the seizure and arrest were made yesterday.
Shoukath Ali, hailing from Palakkad district, was produced before a magistrate's court and remanded in judicial custody today, police said.
Shabir Babu had also allegedly distributed new currency notes to nine other persons in exchange for scrapped notes, they said.
While Rs 3 lakh was seized from 63-year-old Shoukath Ali at the bus stand in Tirur, Rs 36.98 lakh in Rs 2,000 notes was recovered from the residence of a businessman, police said, noting the seizure and arrest were made yesterday.
Shoukath Ali, hailing from Palakkad district, was produced before a magistrate's court and remanded in judicial custody today, police said.
Shabir Babu had also allegedly distributed new currency notes to nine other persons in exchange for scrapped notes, they said.
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