Why no one wants the Rs 101 crore lying in eight Maharashtra banks

119899396On Nov 8, 2016, the Union government announced the demonetisation of all Rs 500 and Rs 1,000 banknotes of the Mahatma Gandhi Series.Some eight-and-a-half years later, eight district central cooperative (DCC) banks in Maharashtra have roughly Rs 101.2 crore of demonetised currency still lying with them.And they’re struggling to keep this cash safe. Their fear though isn't robbery; instead its rodents and termites. The notes are made of paper that's derived from wood, which is why anti-termite chemicals are being sprayed on the currency notes every three months and they're being kept in separate rooms.With Rs 25.3 crore, the Kolhapur DCC bank has the highest amount of demonetised currency, followed by the Pune DCC bank, which has Rs 22.2 crore-worth notes."The cash has to be kept safe in a separate strongroom. Space is unnecessarily occupied. The notes may get damaged if they are kept with the banks any longer," said Hasan Mushrif, Maharashtra medical education minister who is also chairman of the Kohlapur DCC bank. 119898373The managing director of one of the eight DCC banks told TOI that the Reserve Bank of India (RBI) had refused to accept the cash, stating that it was not deposited within the timeframe allowed following demonetisation. "We already paid the depositors to whom the cash belonged in new currency. The cache of demonetised currency has now become a liability and may have to be shown as a loss unnecessarily if the RBI refuses to exchange it," said the MD.Following demonetisation, the DCC banks were allowed to accept deposits of demonetised notes only with a specified timeframe. In June 2017, the government allowed the DCC banks to exchange the money only if it was deposited with them within the window opened by the RBI back in November 2016.At that time, the 31 DCC banks had Rs 2,270 crore in demonetised currency, with the Pune DCC bank having the highest amount with Rs 811 crore, followed by Satara with Rs 399 crore."The RBI has put a strict condition that notes deposited after the window closed are not eligible for exchange and, therefore, we still have the money with us," said the MD.Mushrif said when the Centre announced demonetisation, a decision was taken to exchange the demonetised currency notes within a specific timeframe. "The RBI did not accept the Rs 25 crore that was with Kolhapur's DCC bank. This happened with other DCC banks in Maharashtra too. At that time, we complained to the finance ministry. The banks had already paid the depositors out of bank profits. We moved a petition in the Supreme Court, which is pending hearing. There are several similar petitions in the apex court. That is why there is a delay. However, I am hopeful that the RBI will eventually have to accept these currency notes," said Mushrif.He watched 'Money Heist' 15 times, then robbed a bank, and almost got awayReel inspired real in this bank robbery in Nyamati in Karnataka's Davanagere district. The police investigation revealed that the mastermind, Vijay Kumar, watched hit crime drama 'Money Heist' on loop 15 times, as well as several bank robbery documentaries and YouTube videos before targeting the State Bank of India's branch here. He and his accomplices stole 17.7kg of gold.All six suspects were first-time offenders and have been arrested. A total of 17kg gold worth Rs 13 crore has been recovered.After closely watching the hit Spanish TV series and other videos, Vijay, from Madurai in Tamil Nadu, and the others allegedly bought hand gloves, gas-cutters and chilli powder – the last was to interfere with forensic analysis – from Nyamati and neighbouring Shivamogga.They did a reconnaissance of the bank premises for six months, during the day and night, and also when the bank branch was shut on the weekend and public holidays. None of the suspects used mobile phones to avoid being tracked later. They ensured they left behind no fingerprints at the crime scene. They even took away the bank’s DVR containing CCTV footage. 119898880After burgling the bank on the night of October 26, 2024, they shifted the gold – mostly in the form of jewellery pieces pledged by more than 500 customers while availing loan – into a Renault Duster parked 3km away. They kept the stolen treasure in the SUV at village Surahonni, about 5km from the SBI branch in Nyamati for nearly a week before driving to Madurai – about 750km away – and concealing it in an unused well at a farmhouse belonging to the family of prime suspect Vijay.Since the suspects had sprinkled chilli powder at the scene of crime, sniffer dogs lost the trail after a distance. "They left no clues and it was a challenge for us to crack the case" said Ravikante Gowda, IGP Eastern Range Davanagere.Three suspects – Vijay , his brother Ajay Kumar, and their cousin Paramanand – are from Madurai in Tamil Nadu, while the others – Abhishekh, Chandru, and Manjunath – are from Nyamati.Vijay had previously applied for a Rs 15 lakh loan from SBI Nyamati under the Prime Minister's Employment Guarantee Programme for his bakery business and another application in his brother's name. Both applications were rejected due to low Cibil scores. "Vijay was frustrated, and the loan rejection was the main motive for the burglary of the bank," the IGP said.His lavish lifestyle was funded by robbing passengers on trainWhen 26-year-old Vikas Namdev craved an authentic rosgulla in Delhi, he didn't settle for a local sweet shop. Instead he booked a flight to Kolkata, indulged in the treat, and returned the same night. He did the same when he felt like sipping an expensive Scotch on the beaches of Goa, only to fly back within hours of splurging.But Namdev wasn't a wealthy businessman and his extravagant lifestyle has finally come to an end – not by income tax officials, but by the Vadodara police in Gujarat, who discovered that this Class 12 dropout was a seasoned thief funding his lavish lifestyle by stealing from passengers on trains.Namdev was caught at the Vadodara railway station after the local crime branch found him loitering suspiciously. A search of his bag revealed gold ornaments worth Rs 34 lakh.Known for flaunting branded clothes, shoes and jewellery, Namdev had been stealing valuables from female passengers on trains between different stations in Gujarat over the past three months."He has confessed to multiple thefts, and we are working to recover the remaining stolen jewellery," said a railway official. medium nocaption119898994Wearing expensive outfits to blend in, he booked AC compartment tickets on trains running between Ahmedabad and Vadodara. Boarding between 3am and 4am, he would walk through the coaches, targeting sleeping women who carried ornaments. After stealing their valuables, he would get off at Vadodara or Surat. He specifically chose the Ahmedabad-Vadodara-Surat route, knowing that passengers, especially during the wedding season, often carried expensive jewellery with them.To avoid detection, Namdev booked hotel rooms in Vadodara and Ahmedabad for extended stays. He also used stolen Aadhaar cards to book train tickets and accommodation. To co-passengers, he posed as a textile businessman –his polished appearance and branded attire ensured no one suspected him.Namdev has seven theft cases registered against him in Madhya Pradesh, his native state, along with additional cases in Maharashtra and Rajasthan.After his father's death, he left home, and his family – mother, brother and sister – have since severed ties with him due to his criminal lifestyle, said the police.Inputs: Abhijeet Patil, Basavaraj Maralihalli, Tushar Tere | Illustrations: Varun Vashishtha/AI