Demonetised currency worth ₹14.8 crore was recovered from the residence of a former city councillor and a history sheeter V. Nagaraju by Bengaluru police on Friday. The searches at his residence and office came in connection with a illegal currency exchange racket.
Police were tipped off about the racket after a city-based realtor Umesh complained about his abduction by Nagaraj, who took away demonetised currency worth ₹50 lakh on the pretext of getting it exchanged.
The police, who had been keeping a close watch on Nagaraj’s activities, searched his residence and offices and recovered the cash, which was stashed away in his office. The police also recovered a huge cache of arms from his house.
