A detention order has been granted to the state to hold 410 thousand dollars in polymer notes which was seized from a Caparo fisherman.
Reports say at 5:45 am on Monday a team of officers conducted an exercise at the Santa Phillip road Caparo home of a fisherman and reportedly discovered a large amount of cash.
Reports indicated that the raid came after about two months of surveillance and investigative work by the warrant officer PC Ali.
The said man and his son were interviewed and asked to give an account for the lump sum of cash they had at their home.
They were taken in custody and questioned.
Yesterday officers took the matter to the Chaguanas First Magistrates Court where Magistrate Rajendra Rambachan granted the detention order for three months.
Guardian Media understands that the matter is now being investigated by the Financial Intelligence Bureau (FIB) of the police service.
When the matter is recalled in three months the fisherman would have to account as to the source of the money.
The exercise was spearheaded by Superintendent Hunte, Superintendent Anand Ramesar, ASP Richard Smith and included members of the Central Division Task Force.
This is the first major discovery of cash since the $100 note was changed to polymer.
The old notes became illegal as of December 31st 2019. That day was also the deadline for anyone in possession of old $100 bills to change to the new polymer notes.
At the time of the announcement National Security Minister Stuart Young said, “Today, I advised the Cabinet that in order for us to fight money laundering, including the financing of drugs and narcotics and illegal firearms, tax evasion and the black money economy, counterfeiting and other related problems, that the Government should withdraw from circulation the current TT$100 note issued by the Central Bank.”
Young explained that “these criminal and corrupt activities are financed by illicit money and in many instances are supported and conducted through the use of stored cash, which inter alia, is difficult to trace.”
Before the deadline there were reports that a Longdenville pastor attempted to change 29 million dollars of old notes to the new polymer. That money was also confiscated and the matter is being investigated by the FIB as well.
In December it was also revealed by National Security Minister Stuart Young that a man who gave his profession as a barber, attempted to change one million dollars in $100 bills.