Daijiworld Media Network - Kasargod (SP)
Kasargod, Feb 9: The intelligence department has reported to the central government about illegal money amounting to a whopping Rs 1,800 crore being hoarded in a godown belonging to Kuvempu University at Shivamogga in Karnataka state, revealed media reports here. It is said that the stock contains large quantity of demonetised currency notes in the denomination of Rs 500 and 1,000.
It is said that the report by the intelligence department mentions about this cash having been stocked in a building belonging to the university in a building located at a high altitude adjacent to a forest near Bhadravathi, which is 28 km away from Shivamogga. A Marwadi businessman is stated to be the person handling this cash.
These currency notes were reportedly brought and stocked here after expiry of time limit prescribed for exchanging old notes after demonetisation. The department has learnt that there is tussle between hawala operators and the owner of this cash over the rate of commission for exchanging these notes.
The offer price is said to be Rs 40,000 in new currency for every lac of rupees in old notes. An agent of the racket in Kerala had visited the said godown through a middleman from Karnataka. But the talks had failed as he stuck to the demand for one lac rupees in old notes for Rs 30,000 in new notes. Due to the visit by this agency, intelligence department got information about presence of huge cash here, media reports stated.
After the inteligence department alerted them, university campus officials have been keeping a close watch on the developments, it is said.
A racket operating elsewhere had transported cash to the said godown and no officials of the university had any role in it, sources in the intelligence department said. It is learnt that implementation of a new scheme for investing hawala money and additional time granted for people living abroad for exchanging of old currency notes held by them has come in handy for the hawala racket to encash this provision.