Old Currency Exchange Racket Busted In Vizag

The city task force police have arrested three persons linked with the exchange of old currency notes worth Rs 2 crore. In a span of just six months police seized about Rs 6 lakh worth old notes.

Visakhapatnam: The city task force police arrested three persons on the charges of possessing and exchanging denotified currency notes worth about Rs 2 crore on Monday.

The police seized denotified notes in denominations of Rs 1,000 and Rs 500 of worth Rs 2 crore stocked up in an apartment in Akkayyapalem on Monday.

According to Joint Commissioner of Police D. Nagendra Kumar, two persons belonging to Burma Colony, Geddam Kalyan Kumar and Gudla Venkata Ramana, made a deal to exchange the notes for a commission of Rs 25 lakhs.

Names of those who entered into this deal with the accused are yet to be investigated.

On a tip off, the police team led by ACP Chittibabu raided the apartment and found the old notes. Police also arrested a person K.Naveen in connection with the case on Tuesday.

This is not the first that the police busted persons involved in such crime. Earlier, the task force had police arrested two persons in May and seized about old notes worth of one crore Rupees from the accused.

In April, five people were taken into custody on the charges of possessing old currency of Rs 500 and Rs 1,000 notes worth Rs 1.48 crore in Visakhapatnam. In March this year, the police found old notes worth Rs. 1.19 crore in an apartment at MVP Colony and arrested three persons.

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