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Kerala: Busting a currency exchange racket, police have seized Rs 39.98 lakh in Rs 2,000 denomination notes at Tirur area in Malappuram district of Kerala and arrested a man, already facing a hawala case, in this connection.
While Rs three 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 on Friday.
Ali, hailing from Palakkad district, was produced before a magistrate’s court and remanded in judicial custody on Saturday, police said.
A search was on for businessman Shabir Babu, who had allegedly given the Rs three lakh to Ali to exchange scrapped Rs 500 and Rs 1,000 notes.
