Officials of the Central Crime Branch arrested a 46-year-old man on Bull Temple Road in Shankarapuram. The man was carrying ₹ 3 crore worth of old currency notes in ₹500 and ₹1000 denomination.
The accused, Nanjunada Malegowda (46), a resident of Shanti Nagar, was waiting for his contact to exchange the old currency notes, when he was caught red handed.
The police suspect that the accused is part of a currency exchange racket, which has grown in the wake of demonitisation. The police have seized a mobile phone from the accused and efforts are on to track down his associates.
In a similar case, the CCB officials raided a place near Bhashyam circle in Rajajinagar and arrested three persons carrying unaccounted money worth ₹1.9 crore in old notes.
The accused Ambrose David (42), Arif asha (34) and Felix Thaitas (35) were waiting for their contacts to handover the cash, when the CCB sleuths nabbed them based on a tip-off.
