Four months after the Reserve Bank of India (RBI) demonetised ₹500 and ₹1000 notes, the Banjara Hills seized ₹1.2 crores in the old currency and caught five persons who were in possession of it. The accused had gathered the huge amount to exchange it for 50 per cent of its value with the new ₹2,000 currency notes, said the police.
According to K. Srinivas, inspector, Banjara Hills police station, the accused were caught with the money at an office at Kamalapuri colony late on Sunday night. The kingpin of the exchange racket, Ramakrishna, is currently absconding, he added. “He works in the film industry and dubs movies in his office. He told all the five accused to collect the cash for exchanging it,” mentioned the inspector.
Mr. Srinivas stated that the accused were booked under section 420 of the Indian Penal Code for cheating. The Income Tax department has also been informed and investigation is ongoing to find out where the accused managed to get the demonetised currency notes from, he said. “We got the information on Sunday about the money and raided Ramakrishna’s office at about 11.30 p.m.,” informed the inspector.
According to another police official, one of the accused said during questioning that he was in possession of the old currency notes after he sold his house. “We are still investigating and trying to ascertain where they got the money from and where of who they were planning to exchange it with at a 50 % exchange rate,” he added.
EOM
