The police here have arrested 5 persons, including the president of a co-operative society, while they were transporting Rs 2,000 notes amounting to Rs 35 lac on Tuesday evening.
Subramanya Vasappa Gowda (39) from Malali in Shivamogga district and four of his accomplices were arrested. The police seized the money and the vehicle from the culprits
Subramanya is the president of the Kubera multipurpose co-operative society in Thirthahalli.
The suspects were transporting the money in a Mahindra Xylo car, whose number plate had been removed.
The police after receiving information from a credible source intercepted the vehicle and found the currency notes stocked in a gunny bag. The suspects could not produce proper records for the money they were transporting. The police also alerted Income tax officials in Mangaluru in this connection.
Subramanya claimed that the money was the deposits collected for the society from Nittur and other places. The police have seized Rs 2,000 notes amounting to Rs 4.5 lac at Samshuddin Circle here few days back. Circle inspector Suresh Naik is conducting the investigations.
The seizure of cash in this incident gains significance as sources said that converting black money into white has been going on in the area.