Madras High Court today rejected a plea of a money changer to direct the release of Indian and foreign currencies seized by CBI last year from him in connection with theft of gold and foreign currencies from Customs and Central Excise office in Tiruchirappallli.
Justice M Venugopal of Madurai bench dismissed the criminal revision petition by Rock Fort Money Changers' Director P Muruganandam after the CBI submitted that another director of the company was suspected to have aided criminals to encash gold and Rs 17.51 lakh worth foreign currency stolen from customs office.
The revision petition was filed against the order of a special court. The high court held that the lower court was right in rejecting the plea for return of currencies.
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The trial court had power to dispose of the property but it was not expedient to release the property when the case was under investigation, Justice Venugopal said.
CBI counsel submitted that acting on a tip off, the agency officials raided the residence of three persons and seized unaccounted cash to the tune of Rs. 85 lakh, suspected to bethe proceeds of the gold disposed of by them.
Documents seized revealed that the petitioner firm's director Manikandan was involved in unauthorised gold transactions and illegal sale as well as purchase of foreign currencies.
The returns submitted by the petitioner firm revealed thatthe available balance of foreign currency with it was nil, but the CBI recovered unaccounted foreign currency estimated at about Rs. 20 lakh from the firm, the counsel said.
CBI had earlier registered a case against two Customs officials after part of gold and cash, seized in different cases, kept in the strong room were found stolen on April 18, 2015.
