Hathras , Police have constituted a special team to investigate the source and intended destination of more than 5.6 tonnes of coins seized from the shop and house of a stationery trader in Uttar Pradesh's Hathras district, an official said.
An FIR has been registered under provisions of the Coinage Act, 2011, against the trader, who remains absconding, Superintendent of Police Chiranjeev Nath Sinha said on Tuesday.
The police action follows a raid carried out by the district administration on August 1 at the shop of Naveen Kumar in Nayaganj and his nearby residence in Hanuman Gali after receiving information that a large quantity of coins had been stockpiled there.
Initially, officials had estimated that 70-80 sacks containing coins of Re 1 to ₹10 denomination had been recovered. However, the SP said a total of 106 plastic sacks were seized.
"As counting such a huge quantity of coins was not feasible, they were weighed. The total weight came to 5,666 kg. Why such a large quantity of coins was stored is a matter of investigation," Sinha said.
He said the Coinage Act prohibits destroying coins, using them for purposes other than as legal tender or possessing them in prohibited circumstances, adding that the offences carry a maximum punishment of seven years' imprisonment.
{{/usCountry}}He said the Coinage Act prohibits destroying coins, using them for purposes other than as legal tender or possessing them in prohibited circumstances, adding that the offences carry a maximum punishment of seven years' imprisonment.
{{/usCountry}}A police team has been formed to ascertain where the coins came from and where they were being supplied, the SP said.
During the raid, a relative of the trader had told officials that the business involved exchanging coins at a commission of three to four per cent. He claimed packets containing coins worth ₹500 and ₹1,000 were transported to metro and railway stations in Delhi and that the coins were sourced from the State Bank of India.
Sub-Divisional Magistrate Raj Bahadur Singh had earlier said the alleged large-scale trade in coins was illegal and that the exact value of the seizure and its purpose would be determined during the investigation.
Police said several aspects of the case remain unclear and further details are expected to emerge after the accused is arrested and questioned.
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