DRI arrests businessman in Siliguri for illegal currency trade, seizes Rs 1.14 crore

Siliguri: Officials of the Department of Revenue Intelligence (DRI)’s North Bengal Zonal branch arrested a businessman in Siliguri for illegally trading in Indian and foreign currencies.

The accused, Shyambabu Prasad, a resident of Tiranga More in Tumbajot area of Matigara, was apprehended following simultaneous raids at three locations on Saturday.

Acting on confidential information, authorities conducted coordinated raids at Prasad’s residence and two of his offices located on Hillcart Road. The operation, which lasted nearly seven hours, led to the recovery of Rs 1.14 crore, including unaccounted Indian and foreign currencies.

According to officials, Prasad legally operated a money exchange business and also owned a tourism company. However, investigations revealed that despite possessing a money exchange license, he had hoarded significant amounts of unaccounted currencies at his residence and business premises. These foreign currencies were illegally sourced from Nepal and subsequently sold at inflated rates to foreign tourists visiting India.

From his home, officials seized Rs 3 lakh in Indian currency and 1,043 pieces of foreign currency; from one shop, they recovered Rs 24.56 lakh in Indian currency and 605 pieces of foreign currency; and from another shop,

Rs 12,500 in Indian currency. In Indian value, the total amount was Rs 1,14,53,262. The foreign currencies included denominations such as Thai Baht, British Pound, Hong Kong Dollar, Singapore Dollar, Saudi Riyal, Kuwaiti Dinar, Australian Dollar, Bangladeshi Taka, United Arab Emirates Dirham, Malaysian Ringgit, Canadian Dollar, Omani Rial and Swiss Franc among others. Public Prosecutor Ratan Banik said: “The accused was produced before the Siliguri court on Sunday. The officials have launched a manhunt for other individuals suspected to be part of the illegal operation.”