Andhra Pradesh

13 arrested with demonetised currency of ₹1.97 crore

City Police Commissioner R.K. Meena displaying the gun and demonetised currency notes seized from the accused, at a press conference at the Police Conference Hall in  Visakhapatnam on Wednesday.

City Police Commissioner R.K. Meena displaying the gun and demonetised currency notes seized from the accused, at a press conference at the Police Conference Hall in Visakhapatnam on Wednesday.

The Parawada Police arrested 13 persons of a 14-member gang on charges of threatening a businessman at gunpoint in an extortion bid.

The police recovered ₹1.97 crore in devalued currency notes from the possession of the accused.

Five of the accused have been identified as S. Manohar, P.V. Nageswara Rao, M. Uma Maheswara Rao, P. Paatannaidu, and Venkateswara Rao. All the 13 accused hail from various areas of Srikakulam, Vizianagaram and Visakhapatnam districts. The fourteenth accused, a man identified as Naresh, is yet to be taken into custody.

Divulging details of the case, City Police Commissioner R.K. Meena said that the 14 persons, who were mostly realtors, were known to the complainant Nooka Raju. Over a friendly chat, the gang members informed Mr. Nookaraju that there are gangs which deal in exchange of demonetised currency notes for new ones in lieu of a commission. Mr. Nookaraju then reportedly evinced interest, and told the gang members that he had some devalued currency notes in his possession which he would like to exchange for new ones.

The gang members, who were also reportedly in possession of devalued currency notes, then decided to gather all the money and exchange them for new ones. After a few days, they reportedly began demanding Nooka Raju to part with his share of old currency.

Mr. Nookaraju then went to the police to lodge a complaint. He told police that he was merely bluffing to the gang members about possessing demonetised currency notes, adding that the gang members became restless and started to threaten him when he could not come up with the cash.

After registering Mr. Nookaraju’s complaint, the police laid a trap for the culprits at Aganampudi toll gate and caught six of the accused. The six persons later disclosed the names of their other eight accomplices. The accused also reportedly put up a ‘Police’ board on their vehicle to pass off as a police vehicle.

Police also recovered a revolver without a firing pin and six dummy bullets.

Probe on

“We are now investigating the source of the demonetised currency notes that were seized from the accused. We are in the process of ascertaining how the accused were planning on exchanging the old currency notes for new ones,” Deputy Commissioner of Police (DCP-Zone II) B. Uday Bhaskar told The Hindu . The accused have been sent to remand.


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Printable version | Sep 12, 2022 7:42:12 pm | https://www.thehindu.com/news/national/andhra-pradesh/13-arrested-in-extortion-bid-with-demonetised-currency-notes-of-197-crore/article29215891.ece