The district police busted an inter-State racket with apparent international links involved in trading demonetised foreign currencies when they arrested five persons with obsolete Turkish currency for ₹9.9 crore at Nilambur on Wednesday.

A special police team set up by District Police Superintendent Prateesh Kumar zeroed in on the gang following a tip-off. The police team waylaid the gang at Veliyamthode, near Nilambur, while they were travelling in a car.

High denomination

The police seized 198 notes of the old Turkish lira of 5,00,000 denominations. Although the current exchange rate would fetch ₹60.82 lakh for a 5,00,000 Turkish lira, the police said that catch would be worth ₹9.9 crore as they were banned notes.

The arrested were identified as Abdul Salam Thekkekara, 45, from Kanhiramukku, near Edappal; Santhosh Kumar, 45, from Pallikkal, Kayamkulam; Sreejit Krishnan, 39, from Pallikkal, Kayamkulam; C.H. Saleem, 53, from Edavanakkad, Kochi; and Jamsheer Parakkal, 29, from Mundoor, Palakkad.

The police said the gang was heading to Tamil Nadu with the currencies belonging to the same series.

The police said they intensified the vigil following a tip-off indicating that a racket with wider network was functioning in the State by focusing on certain towns in the district.

The five-member gang was presented before the Judicial First Class Magistrate Court at Nilambur. The court granted them bail.

The police had busted several gangs involved in trading the demonetised Indian currencies of ₹1,000 and ₹500 denominations.