In a major heist, thieves broke open the safe of public sector Indian Overseas Bank (IOB) in Tholassery and decamped with Rs 27 lakh in old and new currency notes, police said on Monday.

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The theft came to light on Monday morning, when the bank opened after Christmas holiday, they said.

Rs 16 lakh in old currency notes and Rs 11 lakh in new currency notes were found to have been stolen, police said.

Finger print experts and dog squads are combing the bank premises, they added.