Eight held on charge of trying to exchange demonetised notes

17 July, 2017 7:15 PM

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Old notes worth over ₹50 lakh seized

In a joint operation, the Commissioner’s Task Force and the Patamata police conducted a raid and seized ₹50,31,000 banned notes from an eight-member gang in the city on Sunday. The accused were arrested when they were trying to exchange the currency for commission.

Disclosing this to the newsmen here on Monday, Task Force Assistant Commissioner of Police (ACP), Central Zone ACP N. Satyanandam said one U. Venkateswara Rao, who is running Manikanta General Stores on High School Road, Patamata, collected the banned notes from his friends and tried to deposit them in bank.

They contacted one Sampath, who is at large, for exchanging the notes for commission. Sampath promised to give ₹15 lakh new notes, said Patamata in-charge Circle Inspector K. Damodar.

The arrested include Venkateswara Rao, P. Umamaheswara Rao, Sk. Hussain, V. Yohan Kumar Varma, K. Vimal Kishore, K. Suresh, V. Kasi Viswanath and K. Yesupadam, all residents of Vijayawada city.

Police are trying to find out whether the gang had exchanged the demonetised notes earlier. The seized notes were all in ₹500 and ₹1,000 denominations, said Task Force CI R. Suresh Reddy, who participated in the raid.

A case under Section 7 of Special Bank Notes (Cessation and Liabilities) Act, 2017, Section 420 and 120 (b) were registered against the accused, Mr. Muralidhar added.

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Source: thehindu.com

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