AHMEDABAD: Hoarders and transporters of four tones of coins have got out on bail. The duo was arrested in connection with the huge consignment of coins headed for Indore in a truck. Commercial tax department officials had intercepted the truck and reported the matter to Reserve Bank of India (RBI). A city session court on Saturday released city-based trader Ravi Gupta and his accomplice from Chhatisgarh, Jeteendra Rajai, on bail. Surprisingly, the bail application submitted by the duo's lawyer before the court says: "We are RBI's official dealers for trading in old and mutilated currency notes and coins. RBI has written letters to different banks about us being official dealers. Exchange of small coins is a legal business so we take coins from RBI and send it to places or businessmen where it is needed." "After learning about the letter, in which the duo claimed that they are RBI dealers, when we spoke to RBI officials, they denied having any such dealers," said Ajay Tomar, joint commissioner of police, Sector-1. RBI, in its police complaint against Gupta and Rajai, had claimed that the duo was part of a conspiracy to misuse currency coins. RBI and other investigating agencies have cracked down on gangs that melt currency coins and use the metal as raw material for a variety of products. Gupta was sending the coin consignment to Indore using a fake dispatch order claiming that the consignment consisted of nuts and bolts. Rajai was the consignee of the coins, but his name was not mentioned in the order.Referring to the bank's letter submitted along with the bail application, an RBI official said: "The letter, dated June 29, 2010, issued by RBI just requests the manager of Punjab National Bank's Mascati Market branch in Kalupur to extend exchange facility of old and mutilated notes and coins to Gupta and six others. However, Gupta was blacklisted in February, 2011, when we suspected him to be misusing the facility for profit-mongering." The RBI official added, "As per the Indian Coinage Act 1906, coins of the value of less than one rupee are termed as 'small coin.' However, the currency coins found in 72 gunny bags are of Rs one, two and five denominations."
Coin cruise
Dec 27: A truck with four tonnes of currency coins intercepted at Dahod Checkposts by Gujarat commercial tax department official.
Dec 29: City-based trader Ravi Gupta and Chhattisgarh-resident Jeetendra Rajai goes to the tax department claiming themselves as dealers of RBI and asks them to release the seized consignment. However, the plot fails when tax sleuths call RBI officials to verify their claims.
Dec 30: RBI files a police complaint against Gupta and Rajai at Naranpura police station. RBI accuses the duo of fraudulently hoarding currency coins and misusing them.
Jan 2: A local court turns down bail application of the duo. During hearing, investigating official tells the court that the custody of the seized coins is yet to be secured and that they are lying at Dahod checkposts.
Jan 6: City session court hears bail application of the duo. Investigating officer tells the court that they were yet to take the coins in their custody. The duo's lawyer submits a letter claiming that Gupta is a registered RBI dealer and so he can trade in coins. The court grants them bail in an order on January 7.
Jan 8: A team of Naranpura police station officials leaves for Dahod to bring the coins and truck to Ahmedabad. Officials open one of the 72 gunny bags to find Rs 2 coins packed in small packets inside.
TOI
