On day 2, I-T men seize Rs 4 crore from college

The raid is said to have gone on till 2.30 pm during which RS 4.25 crore was seized. The seizure, said to be taken from students as capitation fee and other fees, has been transferred to other government channels for further investigation. On Saturday, the first day of the raid, I-T sleuths found out that the directors of the institute had duplicate bank accounts. It was notified to the banks concerned to conduct an inquiry. An I-T source said that there was no transparency in the accounts of directors of the institution. An I-T source said that while Rs 6,000 has been collected from students as lab fee, the expenditure shown was only for Rs 1,800. The source said that the rest is not shown in any account book.  The team seized documents worth Rs 3.25 cr, Rs 8 cr in cash and gold on Saturday, the source said.

The police arrested five persons, including banking officials and agents in connection with the robbery of Rs 25 lakh from a cashier on GST Road in Meenambakkam. A special team of police have left for Andhra Pradesh to recover the stolen cash.

Among the arrested are Logeshwar Rao (42), Manager of State Bank of Mysore, Adyar branch and resident of Tiruvanmiyur, Mukesh (26), Assistant Sales Manager of Axis Bank, Nanganallur branch and resident of Palavanthanagl and Manikandan (30), Personal Loan Executive of Axis Bank, Velachery branch and resident of Chrompet. The other two are agents Gunashekar (32) of Adambakkam and Dinesh Babu (31) from Velachery. The two persons from whom the money was robbed —Elangovan (42), cashier of State Bank of Mysore, Adyar branch, and driver Sakthivel (44) — are also suspected to be co-conspirators of the heist. The incident reportedly took place on Friday night when Elangovan (44) was transporting Rs 25 lakh in Rs 1,000 and Rs 500 denominations in a four-wheeler from Shastri Nagar to Nanganallur Axis Bank. He was assigned to exchange the bulk amount for new Rs 2,000 notes. However, he was allegedly intercepted by another four-wheeler-borne gang, who allegedly parted with the cash at knife point. Elangovan and Shakthivel returned to his office and reported the incident to his Manager Lokeshwar Rao. When the trio were discussing the next course of action, Inspector Sivakumar who was on patrol duty, noticed bank not shut. He went inside to check and Elangovan spilled the beans to him. Investigations are on.

A businessman from Royapettah lost more than 11 lakh to a gang of knife-wielding men at College Road in Nungambakkam.

The police said, Syed Ali (30), a resident of Dr Besant Road in Royapettah had gone to College Road after his friend Asif offered to help him exchange his old currency notes to the tune of Rs 11,25,000. It is said that Syed, who runs a textile business, was in need of immediate cash but struggled to get his Rs 11,25,000 exchanged for several days.  On Saturday evening, Asif and Syed were waiting with the cash in front of DPI building to meet Pradeep, a resident of Chintadripet, who promised the duo to get the work done with the help of bank employees. However, Pradeep came with four other people, took the bag of cash and brandished a knife threatening them, before vanishing from the spot with the bag of currencies.  Shocked Syed lodged a complaint with the Nungambakkam police around 8 pm. Police are also trying to find out if the suspects were in collusion with any bank officials. Further investigations are on.