Rs 39 lakhs remained underground for a month; police unearth 'treasure' of Pantheeramkavu through confidential information

KOZHIKODE: Rs 39 lakh stolen from a private bank in Pantheeramkavu was found buried in an empty field. The money was buried 500 meters away from a house in Kunnath Paalam, Pantheeramkavu, belonging to the main accused in the case, Shibinlal. The money had been lying in the ground for a month and four days.

The money was found yesterday morning. Many of the currency notes that were wrapped in plastic and kept in a bag were soaked. Bundles of Rs 500 were found. The other accused are Shibinlal's wife Krishnalekha and relative Din Ranju. The police were puzzled by the fact that the money could not be found even after arresting the accused. The money was found after a month of investigation.

The theft took place on June 11. Shibin Lal had embezzled money from the employees of a private money exchange institution by misleading them into believing that he needed Rs 40 lakh to transfer the gold he had pawned to a private bank. Shibin Lal, who then went into hiding, was caught by the police two days later. Although questioned in custody twice, he did not say where he had hidden the money. Shibin Lal had taken Rs 55,000 out of the Rs 40 lakh and Din Ranju Rs 45,000. The rest of the money was buried.

Commissioner received confidential information

The Kozhikode City Police Commissioner had received confidential information about the place where the money was buried. The police search followed. Shibin Lal had a liability of Rs. 1.5 crore in various private banks in the city. Shibin Lal had inquired through a friend whether he could pay off the loan by paying Rs. 35 lakh to the bank, where he had a liability of Rs. 70 lakh. It was after learning this that the police concluded Shibin Lal had hidden the money. Feroke ACP A.M. Siddique supervised the investigation led by Pantheeramkavu CI K. Shaju.