Two men who were trying to exchange Rs. 9 lakh in the new Rs.2,000 currency notes for a commission, were arrested by the Madhapur police on Saturday night. Srinivas Reddy and Vara Kumar, natives of Nellore district, were caught with the money at a cellar where they were supposed to meet Praveen, for the exchange, said a senior police official.
The incident took place at about 10.30 p.m., close to the Madhapur police station, said a senior police official. He stated that Praveen, also a native of Nellore, had facilitated the exchange of the currency notes.
“He knew both Srinivas and Kumar. The duo were charging a commission of 23 per cent to take the old demonetised notes of Rs. 500 and Rs.1000,” added the official.
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After their arrest, Srinivas and Kumar were booked under section 104 of the CrPC for holding unaccounted cash.
The official said that it was yet to be ascertained how both of them managed to get such a huge amount in the newly introduced Rs. 2,000 currency notes.
“We will find out how they got it during investigation. The cash they had will be handed over to the Income Tax Department,” he said.
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The official also mentioned that Reserve Bank of India’s Hyderabad office will be notified about the cash seizure on Monday.
The duo were charging 23 pc commission to take the demonetised notes