HATHRAS (UP): The police in Uttar Pradesh's Hathras district seized 5,666 kg of coins stored in 106 sacks from the shops and house of a trader, and have constituted a special team to investigate the source and intended destination of the coins.
An FIR has been registered under provisions of the Coinage Act, 2011, against the trader, Naveen Kumar in Nayaganj, who remains absconding, SP Chiranjeev Nath Sinha said.
After receiving information about large quantity of coins being stockpiled, the district administration conducted a raid on August 1 at the shop and residence nearby.
"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.
A relative of the trader told officials that the business involved exchanging coins at a commission of three to four per cent.
He claimed packets containing coins worth Rs 500 and Rs 1,000 were transported to Metro and railway stations in Delhi and that the coins were sourced from the State Bank of India.
The police said several aspects of the case remain unclear and further details are expected to emerge after the accused is arrested and questioned.