The City Task Force (CTF) team led by ACP I. Chittibabu raided a premises at Abidnagar in Akkayyapalem and seized ₹1.91 crore in old currency and arrested three persons who were trying to push the currency into the market, here on Monday.
Addressing a press conference, Joint Commissioner of Police Nagendra Kumar said the accused were in possession of the amount in the denominations of ₹1,000 and ₹500, and both the currencies had ceased to be legal tenders post demonetisation. They had purchased the old currency for ₹25 lakh and were trying to push it into the market at 40% or 50% rate by trying to convince people that both the denominations would come back into circulation, as there was a case pending in the Supreme Court. The accused were identified as Geddam Kalyan Kumar of Burma Camp, Kandiboti Naveen of Madhavadhara and Gudla Venkata Ramana of Burma Camp.
Based on a tip-off, the CTF team raided the premises and arrested the trio and seized the currency notes, said DCP (Crime) Shemushi Bajpai.
