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According to the complaint, chilli powder was thrown into a man’s eyes before he was tied up in the vehicle carrying the money, which was then looted.
The case was reported two days ago.
An officer from Koyilandy police station said it was a staged act carried out by a gang of three, including the complainant.
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The police said the complainant’s account contained inconsistencies, including a claim that two masked individuals had carried out the attack.
Due to contradictions in his statement, further investigation led to the resolution of the case, the police added.