Red sanders smuggling mafia to Sri Lanka revealed

The arrest of a Tamil Nadu Kurnool-based lorry driver and seizure of 1.5 tonnes of red sanders logs worth over Indian Rs. 2 crore in the international market by the Tamil Nadu CID (Organised Crime) police in Ramanathapuram district (TN) on Monday night threw fresh light on the links of the red sanders smuggling mafia to Sri Lanka.A parcel van with A.P. registration was about to reach a coastal village in Ramanathapuram district, when the CID police led by inspector Rajesh intercepted it and seized the material, besides arresting its driver Balakrishnudu (35) of Kallur locality of Kurnool district. The official contacted the AP State Red Sanders Anti-Smuggling Task Force (APSRSASTF) officials in Tirupati and passed on the information regarding the seizure of the contraband material. During interrogation, the T.N. police got information that it was a regular feature that some members of the red sanders smuggling network were operating between Andhra Pradesh and Tamil Nadu through Karnataka. Ramanathapuram, the district close to the Sri Lankan coast, remained the ideal destination for the smugglers. The agents would pick up the stocks and facilitate smuggling of the precious wood to some specified locations along the Sri Lanka’s coast. Small ferries and fishing boats are said to be deployed to finish the deals. In the present case, Balakrishnudu had initially reached Tuticorin to unload the stock before reloading it for Sri Lanka destination. However, due to Coast Guard surveillance he had to reach Ramanathapuram, where he was apprehended. The logs were skilfully arranged beneath the onion bags to avoid detection at inter-State checkposts. Speaking to The Hindu, Circle-Inspector (Organised Crime-TNCID) Rajesh said the consignment was set to reach Sri Lanka. “Though it is for the first time that we have made seizures of the red sanders in this case, we have information that regularly the goods [logs] would be coming to various locations in Ramanathapuram district,” he said. The Task Force chief Inspector General of Police M. Kantha Rao on receiving information from the TN police directed a team of senior police personnel to follow-up the matter and track the possible exit routes from A.P. towards T.N. coastal districts.“The network’s links with Sri Lanka will be further probed. On a number of occasions, the Task Force tracked the vehicles with red sanders logs sneaking into Tamil Nadu, and successfully brought back the seized logs to our godowns,” he said. read more

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Bank borrowing from ECB at lowest level since guarantee

first_imgIRISH BANKS ARE borrowing less from the European Central Bank (ECB) than at any time since the introduction of the bank guarantee in September 2008.Statistics released this morning by the Department of Finance show that borrowing to both covered and non-covered banks fell to €36.6bn during February, down around €0.5 bn on the previous month.The ECB lends money to European banks at both short and long terms in order to refinance banks, provide liquidity to the market, and to influence interest rates across the bloc.Borrowings down as banks turn to international lendersCompared with this time last year, Irish banks are borrowing around €17.5bn less, or 40 per cent, from Brussels. The Department of Finance said: The steady decline in reliance on ECB funding reflects the continued strengthening of the banking system that has been achieved through managed deleveraging , deposit gathering and the return of AIB, BoI and PTSB to international capital markets.Irish bank borrowing from the ECB surged to levels of around €140bn per month during 2010-2011, but has been steadily declining since February of 2012. Across the continent, the ECB is lending out around €25bn less to European banks than last year.Banks covered by the government’s deposit guarantee scheme borrowed €0.8bn less during Feburary. The Department said that this was caused by a reduction in the amount of capital banks needed to hold on their books, as well as improved access to capital markets after the bailout exit.2010 ECB letter to Lenihan could finally be made public>Steady as she goes: ECB holds interest rate at record low of 0.25 per cent>last_img read more

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