The Urban police on Wednesday seized ₹1.94 crore worth demonetised currency and arrested two persons belonging to Tadepalligudem of West Godavari district.
Addressing the media, urban police district Superintendent of Police B. Rajakumari said the police, on a tip-off, raided a house on J.N. Road and arrested Vanga Durga Sridhar (40) and Kodavati Eswara Rao (35). They also seized bundles of ₹500 and ₹1,000 notes of the banned currency. They accused allegedly said they wanted to exchange demonetised currency with new currency on 25% commission basis. The SP said the duo had connections with two persons in the city — Bobby and Shyam — who along with three others were at large. “The accused said that the gang wants to give the demonetised currency to NRIs through middlemen, as NRIs are still having provision to exchange the demonetised currency through RBI,” the SP said. The police team seized two cars which were used by the accused and booked cases under Section 5 and 7 of specified bank notes (cessation of liabilities).
