Cash worth Rs 20 lakh seized from businessman in Pune

Updated: Apr 13, 2019, 14:05 IST | Chaitraly Deshmukh | Pune

A businessman, identified as Rakesh Raanchandra Oswal, a resident of DSK Chandradeep in Pune, was detained by the police for carrying unaccounted cash worth Rs 20 lakh

Representational image
Representational image

Unaccounted cash worth Rs 20 lakh was seized from a businessman in Pune by the city police and election magistrate during the wee hours of Friday. The businessman identified as Rakesh Raanchandra Oswal is a resident of DSK Chandradeep, Mukundnagar in Pune. Oswal was heading home in his Verna car bearing number MH-12-J Z-9451 when the cops nabbed him.

A case has been registered against the businessman on Friday with the Swargate police station which falls under the jurisdiction of Pune. The incident came to light after Sachin Prakash Pawar, the election magistrate and the health Inspector attached to Municipal Corporation reported the incident at Swargate police station.

Senior Inspector Ashok Kadam of Swargate police station said, “Various check-posts were put up in the city for elections and vehicles are been checked on a daily basis. The election magistrate Pawar and our sub-inspector Shashikant Degade inspected the car and our team recovered cash worth Rs 20 lakh at Ranka hospital around 3 am on Friday.”

Also Read: Mumbai: Foreign currency worth Rs 2.80 crore seized in Mahim

"When the team detained Oswal who is into the Oil industry, he was questioned about the unaccountable illegal cash to which he claimed that he collected the money from his office and had planned to deposit it in the bank. He further claimed that it was for his business. With frequent changes of his statement, we seized the cash and brought him to the police station. He stated that the money was his annual turnover hence the election officer gave him a week to get back to them with appropriate documents recording the cash. Further investigation is underway and the case will be submitted to the Income-tax department.”

 Also Read: Elections 2019: Jharkhand sounds alert on fake currency use during polls

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