Demonetisation scuttles CB-CID probe into train heist

Highly placed sources at the CB-CID, told DTNext that the agency had intimated the banks to check for large amounts being deposited, especially in denominations of Rs 500. The source added that the directive had lost its validity as many people are now depositing large amounts of money into their accounts due to demonetisation. “The direction was given to the banks ahead of the demonetisation drive and we thought we could get some leads from the bank with regards to the case. Now, the banks cannot monitor that as everyone is depositing old currency,” a senior CB-CID official said.

Meanwhile, Reserve Bank of India (RBI) officials said that after demonetisation, the bank officials are in no position to check large deposits of Rs 500 notes. “The money looted from the train were currency notes from across the country and were collected by the bank to be destroyed. They were not mutilated notes but soiled currency, which were legal tender before demonetisation. The RBI does not have the serial numbers of the notes that were looted. So, there is no way that we can differentiate the stolen notes from regular ones,” an RBI official said. Both the CB-CID and the RBI were under the notion that they had a chance of getting a lead by monitoring large scale cash transactions at banks prior to demonetisation. 

“The banks could have informed us whenever there was a deposit of higher denomination notes and we could check the credentials of the customer. The whole situation has changed now after demonetisation,” the official added. Even if the burglars had not spent the money, they can now easily get them exchanged for new notes. 

“Even if the culprits are still holding on to the notes, they can very easily exchange them at banks without raising any suspicion. They can also deposit them into multiple bank accounts. If the deposits are done in smaller denominations, it would be very difficult to track those transactions,” the official added. The CB-CID officials said that they had not left any stones unturned to crack the case but a viable lead was still elusive. “We have checked all the lodges and residences along the Salem-Chennai railway line, hoping that the burglars could have stayed in one of these before the crime. Thousands of people have been questioned, including the Railway and RBI staff. But we are yet to get any leads,” the CB-CID official said.