Seven persons who allegedly tried to exchange demonetised currency notes for new notes were nabbed by the police on Thursday night.
Police sources said that following a tip-off, a special patrol team was deployed to nab a gang from Madurai which camped at Cheranmahadevi to exchange demonetised high-value currency notes for new ones. When the police saw two vehicles parked in a secluded place, the patrol team intercepted the occupants.
While one of the two vehicles sped away, the police detained the other vehicle and its occupants and seized three cash counting machines. The police also picked up T. Muthukumar (35) of Pykara in Madurai, A. Muthuramalingam (36) of Solai Azhagupuram in Madurai, R. Thalapathi (35) of Konthagai in Madurai, S. Krishnan (48) of Melagaram near Tenkasi, K. Muthukumar (35) of Kasimajorpuram near Courtallam, G. Ramesh (35) of Cheranmahadevi and Maragatha Subramanian (43) of Ambasamudram, who is a reporter of a satellite television channel.
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During interrogation, they reportedly told that the gang from Madurai had come to Cheranmahadevi for negotiations with one Mookkandi for exchanging the old currency notes for the new notes for 25 per cent commission.
The police are on the lookout for Mookkandi.