On Thursday, two people were arrested from Visakhapatnam in Andhra Pradesh, for the possession of demonetised currency notes calculate at Rs. 99.95 lakh.
The City Task Force were tipped off and raided a garage in the MVP Colony. The forces found stacks of high value currency notes, which the accused planned to exchange for new notes.
The two accused have been identified as L. Raja Ramana (40) from East Godavari district and S. Srinivas Naidu (35) a resident from Anakapalle.
I. Chittibabu ACP of the City Task Force spoke to a news channel, “Having procured the illegal tenders from East Godavari district, the accused were trying to get them exchanged through NRI accounts. As the NRI route of exchanging demonetised currency is open till June 30, they were trying to make the most of it.”
The ACP also revealed the commission exchange rate was fixed at 50%.
Chittibabu also informed the channel that the seized amount included 3,798 notes of Rs. 1000 and 12,394 notes of Rs. 500.
The police seized the illegal money and the two have been arrested.
This is not the first time the Task Force has seized demonetised money. Last month, another raid in Vishakapatnam resulted in the Task Force arresting five people. The accused were in the process of exchanging the old 1000 and 500 currency notes worth 1.48 crores.
In March this year in Vishakapatnam an apartment was raided by the town police station. The accused were caught with Rs. 1.19 crores in the old 1000 and 500 currency notes.
