Police on Monday seized Rs. 58 lakh of newly issued Rs. 2,000 denomination currency notes after detaining a group of eight persons.
The detained persons admitted to police that they wanted to make money by exchanging the new notes with the banned ones. The gang of eight collected new currency notes of Rs. 2,000 denominations from known persons of their villages.
Seven of them hail from YSR Kadapa district of Andhra Pradesh while one is from L.B. Nagar of Hyderabad. They wanted to exchange these notes with demonetised currency notes of Rs. 500 or Rs. 1,000 denominations by giving some commission to those arranging the old notes.
“The old currency notes thus collected would be handed over to the original cash owners who would deposit them in their respective bank accounts,” South zone DCP V. Satyanarayana said. The seized amount was handed over to Income Tax Department officials to ascertain source of the currency notes.
On a tip-off, special teams of South Zone police intercepted a car at IS Sadan in Santoshnagar and found the cash inside it. The detained persons would be presented before the court.
Three more persons, including a dentist, connected to the case are absconding. Hunt is on for them.
