The Peenya police on Wednesday arrested two people and seized demonetised currency of ₹1.8 crore face value from them. This is the fourth case involving demonetised currency that the police have uncovered in recent months.
The accused Shivakumar, 44, and Vijay Kumar, 40. were arrested at Jalahalli Cross while they were waiting for their contact to hand over the consignment.
“Initial investigations have revealed that the duo wanted to send the consignment out of the country, probably to Nepal, to get it exchanged for legal tender,” said a police officer.
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The police have taken Vijay and Shivakumar into custody and are on the hunt for their associate, Yogesh, who escaped.
“We are also investigating the source of the money,” the officer added.
In past cases, those arrested believed that they could exchange old notes for legal currency in Nepal. A few days ago, the city police arrested two men and recovered demonetised currency notes, which they wanted to send to Nepal.
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“We have checked with the Reserve Bank of India (RBI). Nowhere are these notes accepted for exchange,” Bengaluru Police Commissioner Kamal Pant had told The Hindu at the time.