By IANS,
New Delhi : Delhi Police Friday claimed to have busted a five-member gang involved in melting old Indian currency coins and converting them into metal slabs.
The gang used the melted metal for making artificial jewellery and antiques, according to police.
The five – Mohammed Jameel, 58, and his workers Mohammed Faeem, Mohammed Salim, Rahmat Ali and Mursalin – were arrested from Karawal Nagar in east Delhi after raids were conducted Wednesday in Jameel’s two factories in Johripur and Karawal Nagar, a police official said.
“We recovered about 1,550 kg of finished and half-finished metal slabs, including huge quantity of Indian currency coins, dyes, air pumps, motors, weighing machines, tools and other gadgets. The factories have been operating for over five months,” he said.
Police also raided Shahbad Dairy in north Delhi and Sadar Bazar in the walled city from where 350 kg of metal slabs were recovered. The two premises belong to a Shyam Sunder, who bought these metal slabs but is absconding, the official added.
“These currency coins which were issued since 1970 have more metal value then the value of their denomination due to rise in the cost of metal. Coins of the denomination of 50 paise, Re.1 and Rs.2 were melted and sold to metal dealers,” he explained.
According to him, Jameel was procuring the coins from Chandni Chowk area in the walled city. One kg of melted coins fetched him about Rs.400 and a profit of about Rs.250 per kg.