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₹400-Cr Demonetised Cash Heist Cover-Up? Complainant Alleges Political ‘Fixing’ In SIT Probe

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Mumbai: The probe into the alleged Rs 400-crore demonetised currency heist at Chorla Ghat near the Maharashtra–Karnataka border has entered a volatile phase after complainant Sandeep Patil alleged that the investigation was being ‘manipulated under political pressure.’ Patil told media on Tuesday that certain officers are attempting to alter the course of the probe to facilitate a high-level cover-up.

He further alleged that the focus of the agency has shifted from recovering the massive cache of stolen currency to an all-out attempt to silence him, claiming he has been threatened by senior officers and warned not to disclose sensitive details discussed prior to the registration of the formal complaint.

Patil alleged that the officers concerned  were fully aware of the Rs 400-crore cash movement and had conducted detailed inquiries, including recording statements of the accused, nearly 20 days before a formal FIR was registered in Nashik. He further claimed that vested interests were now  attempting to suggest that the alleged heist never occurred;  a move, he alleged, was aimed at protecting certain influential beneficiaries. 

Revealing what he described as an unofficial probe into the alleged heist by Nashik police prior to his formal complaint, Patil accused Local Crime Branch (LCB) inspector Ravindra Magar, a member of the SIT, of pressuring and warning him not to disclose details of a crucial meeting held on December 19 last year.

This meeting, which took place almost three weeks before the formal case was filed, was reportedly attended by Patil, Inspector Magar, and an accused named Jayesh Kadam. During this session, Kadam allegedly disclosed details regarding the cash movement, including specific container numbers, the mechanics of the heist, the role of a prominent hawala operator, and a suspected political funding angle. Patil alleged that electronic evidence related to these discussions had been shared by Kadam with Magar well before the case was officially on the record, making the current denials a matter of deep suspicion.  

According to Patil, he is now being pressured not to reveal details of the meeting, while the SIT is accepting revised statements from the accused that contradict earlier versions on which the FIR was based, and is attempting to project that the alleged Rs 400-crore heist never occurred. Magar however denied the allegation and said the matter is under Additional SP supervision. 

To support his allegations, Patil claimed that the same set of officers who had unofficially probed the matter on the instructions of senior officials for nearly two months prior to the filing of his complaint are now officially investigating the case as part of the SIT, which was constituted by Nashik Rural Superintendent of Police Balasaheb Patil. 

Senior officials familiar with the probe said that Patil’s allegations align with statements made by arrested accused Jayesh Kadam during police custody. Kadam has categorically denied having given the statement attributed to him prior to the registration of the FIR and has alleged that the signatures on that statement were forged. The disputed statement formed the basis of the FIR registered at Ghoti police station in Nashik Gramin.  

Sources said  during custodial  interrogation by the same SIT officers who had earlier recorded his statement, Kadam has now claimed that no Rs 400-crore heist occurred and that the matter involved cheating and forgery amounting to Rs 35 crore. The alleged transaction has been linked to absconding accused Thane-based builder Kishor Sawala and Virat Gandhi, a hawala operator based in Ahmedabad.  

However, audio and video evidence, shared  by the complaint with the SIT via a pendrive and recovered from Jayesh Kadam, clearly shows that Kadam’s statement does not match the evidence.

Responding to the allegations, SIT chief and Additional Superintendent of Police (Nashik Rural) Aditya Mirkhelkar told media that the investigation is currently based solely on the statements of the four accused in custody. “They claim they acted on behalf of a Thane-based builder but have not seen any cash. Whatever they are stating is based only on what they were told,” he said, adding that discrepancies, concealment and possibly misleading statements were part of the ongoing probe.

Mirkhelkar added that the alleged heist could only be conclusively verified after the arrest and examination of the two absconding accused, Sawala and Gandhi, whose versions would determine whether the Rs 400-crore cash movement actually occurred. He did not respond specifically to queries regarding Kadam’s change in statement. 

Patil further revealed that the disputed statements of accused Jayesh Kadam were linked to a December 19 meeting last year, when LCB PI Ravindra Magar and Dattaji Shinde, both now part of the SIT, allegedly called Patil and Kadam to the LCB office. This was reportedly the first meeting after Kadam’s original statement had been recorded. According to Patil, during the meeting, Kadam told Magar in his presence that that the case involved a sum much larger than Rs 400 crore in demonetised currency, allegedly linked to a political party and a Gujarat-based ashram.

Kadam claimed that builder Kishor Sawala executed the transaction on behalf of a politician, while hawala operator Virat Gandhi handled consignments for the ashram. Gandhi reportedly demanded a Rs 150-crore security deposit for the ashram, to be returned after the transaction. Two consignments, worth Rs 150 crore and Rs 250 crore, were allegedly transported from an undisclosed Karnataka location to the Ahmedabad-based ashram but were stolen at Chorla Ghat, at the tri-junction of Maharashtra, Karnataka, and Goa. Kadam is said to have shared photographs of the consignments with Magar and identified Gandhi as a key participant.    

According to Patil, two officers  employed various tactics to pressure him into not filing the FIR. Even after the matter came under SIT jurisdiction, he alleged that the same officers continued threatening him and attempting to mislead the investigation. 

Crime

Delhi Aastha Kunj Park: CCTV, 105 new lights in place after last month’s gang rape

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Necessary safety and security measures have been implemented at the DDA-maintained Aastha Kunj Park, Kalkaji, including deployment of the allotted security personnel, installation of 105 additional lights and CCTV surveillance, an official said on Saturday.

Further strengthening of lighting arrangements is under process, with due consideration to the ecological sensitivity of the Morphological Ridge, said the official on a day when Union Home Minister Amit Shah reviewed the city’s security during a visit to the Delhi Police headquarters.

The new security framework for the park comes against the backdrop of the alleged gang rape of a 17-year-old girl at Aastha Kunj Park on September 21. Three accused were arrested for the crime.

The incident exposed that Aastha Kunj Park — a 142-acre DDA park with 29 multi-access points — continues to suffer from poor lighting, broken perimeter walls, unmanned or missing gates, and a lack of CCTV coverage inside the premises.

According to a status report on the beefed-up security at the DDA park, all security guards, as per the presently allotted strength, have been deployed in the park. Considering its extensive area of 142.41 acres and 29 gates, regular patrolling is undertaken to ensure security coverage across the park.

Two siren-equipped motorcycles, along with torches and essential safety equipment, are deployed for night patrolling. Surprise night inspections are also conducted by the site in-charge, security supervisor and departmental staff to verify security arrangements and guard deployment, said the status report.

For addressing dark spots in the green zone, all 340 existing lights in the park are presently functional. Further, 105 additional lights have been installed in accordance with the recommendations of the Safety Audit Report, it said.

A joint inspection has been conducted with officials of the electrical department, and the proposal for installation of high-mast lights at suitable identified locations is under process, said the status report.

The official pointed out that augmentation of security facilities is being done while bearing ecological considerations in mind.

“Approximately 99 per cent of the park area falls within the Morphological Ridge. Accordingly, additional illumination in densely vegetated areas is being planned judiciously to avoid disturbance to the natural flora and fauna while ensuring adequate lighting along pathways and visitor-use areas,” said the official.

Other steps taken by the agencies include installation of four CCTV cameras, closure of gates at 9 p.m. and biometric attendance for all security guards, said the official.

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Crime

Man arrested for cheating Delhi Police Constable of Rs 24 Lakh in investment scam

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The Cyber Police Station of Delhi Police’s Central District has arrested a 26-year-old man for cheating a woman Constable of approximately Rs 24 lakh in an investment scam, officials said on Saturday.

The accused, identified as Vikrant Kumar alias Vicky Tomar, a resident of Vazidpur village in Uttar Pradesh’s Baghpat district, was arrested in connection with FIR No. 271/2026, registered on September 8 under Sections 318(4), 316(2) and 74 of the Bharatiya Nyaya Sanhita (BNS).

According to the police, the case was registered following a complaint by Constable Shiwani of Delhi Police, who alleged that the accused approached her on Instagram under the pretext of seeking guidance regarding recruitment to the Delhi Police through the sports quota.

The conversation subsequently shifted to WhatsApp, where the accused allegedly established a rapport with the woman and portrayed himself as a prominent figure in cricket.

Investigators said he later persuaded her to invest money by promising high returns. Trusting his assurances, the complainant allegedly transferred her savings from her Axis Bank account, took a personal loan of Rs 12 lakh and borrowed additional money from acquaintances.

The woman was cheated of approximately Rs 24 lakh in total, the police said.

Of the total amount, around Rs 8 lakh was transferred to bank accounts linked to the online betting platform 1x.com, allegedly at the accused’s direction.

The police are investigating the financial transactions to establish the complete money trail and determine whether other individuals or accounts were involved in the alleged fraud.

The complaint also includes allegations of sexual misconduct. According to the police, during an in-person meeting, the accused allegedly touched the complainant’s waist inappropriately with the intention of outraging her modesty.

The allegation forms part of the case registered against him under the relevant provisions of the BNS.

The Cyber Police Station’s Central District team is continuing its investigation to determine whether the accused allegedly defrauded other people using a similar modus operandi.

Officials said efforts were underway to identify potential victims and establish whether additional financial transactions were linked to the case.

The police have not ruled out the possibility of further developments as the investigation progresses.

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Business

ED raids Hyderabad firms in Rs 326 crore bank fraud probe

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The Directorate of Enforcement (ED), Hyderabad Zonal Office, on Friday conducted search operations at seven premises across Hyderabad, Secunderabad and Medchal-Malkajgiri in Telangana under the Prevention of Money Laundering Act (PMLA), an official statement said on Saturday.

The raids targeted the registered office of M/s Kanakadhara Ventures Pvt. Ltd. (KVPL), the residences of its directors, and premises linked to entities and individuals alleged to have acted as conduits for the diversion of bank funds.

The searches form part of an ongoing investigation into the alleged “misutilisation” and diversion of credit facilities sanctioned to KVPL and its directors, the ED statement said.

The ED case stems from an FIR dated December 8, 2022, registered by the Central Bureau of Investigation, Bank Securities and Fraud Branch (BS&FB), Bangalore, on a complaint from Punjab National Bank.

The FIR alleges offences under Sections 120-B, 420, 468 and 471 of the Indian Penal Code, and provisions of the Prevention of Corruption Act, 1988.

According to the agency, a consortium of banks led by Punjab National Bank — comprising IDBI Bank, Union Bank of India, Andhra Bank (now UBI) and Bank of Baroda — suffered a loss of Rs 326.49 crore.

ED investigations revealed that Bank Guarantee and Letter of Credit facilities granted to KVPL were misused. Funds were allegedly diverted through related and conduit entities on the strength of fabricated steel purchase invoices and transport documents.

The company is also accused of operating bank accounts outside the consortium arrangement without the knowledge of the lending banks, the statement said.

During the searches, officials seized incriminating documents, digital devices and other records related to the diversion and layering of funds. Unaccounted cash amounting to Rs 15 lakh was also recovered.

Multiple immovable properties and investments linked to the case have been identified.

ED said further investigation is underway.

The coordinated action underscores the agency’s continued focus on tracing the proceeds of bank frauds and cracking down on complex money-laundering networks involving corporate entities.

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