Youth arrested for illegal trade in coinsMay 20th, 2008 - 5:50 pm ICT by admin
Kannur (Kerala), May 20 (IANS) A youth was arrested at Sreekandapuram for illegally trading in coins to be supplied to some industrial units in Bangalore for making machine parts. Nasar, 30, was arrested Monday as he was collecting one rupee coins by paying a higher amount. Sreekandapuram is about 50 km from here.
“He was collecting one rupee coins by paying Rs 1.50. People, whom he approached, informed us about his activities. He was selling the coins to some industrial units in Bangalore at a higher price. According to our information, the coins are used to make some machine parts and it is also said that some valuable metals are extracted from the coins,” police circle inspector P.K. Raju told IANS.
Police seized coins of Rs.2 and of lower denominations worth Rs.1,358 from Nasar.
The northern region of the state is facing a shortage of coins. There were media reports that some groups are engaged in collecting coins for industrial use. “This activity is illegal,” the police official said.