While you queue up for money at ATMs with withdrawal limit, here’s how frauds are stacking up money at home with new Rs 500 and Rs 2000 notes

Cash shortage at ATMs and banks might have made you stand in queue for long hours, but that didn’t deter frauds to stock up crores of rupees at home in fresh denominations. Printing of notes and curb on withdrawals could have ‘harassed’ the commoners but most days we have come across reports popping up across the country that certain crores and lakhs of rupees have been seized. As such stories are more to come, Rs 24 crore seized in Vellore, Rs 1.5 crore from Goa, Rs 1 crore from Coimbatore, Rs 76 lakh from Surat are some of the major highlights till date.

In some parts of the country, the banks are to stay shut on Monday for Eid-e-Milad and this makes 3 days of bank holidays at a time when the crisis isn’t completely over, according to The Economic Times. To deal with such consecutive holidays, extra cash is handed over to logistics firms that supply to the ATMs. And this is where most breach happens. The logistics sector is one of the most unorganized sectors in the country.Rs 8.4 crores of fraud during ATM refills has been reported in last few weeks. Earlier this kind of fraud used to be Rs 1-2 crores.