At least ₹1.15 crore worth of cash in now defunct ₹500 and ₹1,000 notes was stolen from the Odisha Gramya Bank's branch here, police reported.


The incident came to light when the bank officials opened the bank after the two-day weekend holiday, Abhinav Dalua, inspector in-charge of Dhenkanal Town Police Station confirmed.


There was about ₹8 crore in old currency notes in the bank and ₹1.15 crore was found missing from one iron box, inspector in-charge said.


The money was in banned ₹500 and ₹1,000 notes, Dhenkanal SP Basant Kumar Panigrahi said, adding, "We are examining the CCTV footages".


"We strongly suspect the involvement of some insiders behind the crime. We are surprised to find nearly ₹7 crore cash intact in the strong room. All the cash were stashed in three huge boxes in the chest," he said.


The branch is located at a stone's throw from the Dhenkanal Town police station.


Police have formed special teams to apprehend the culprits involved in the robbery.