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11-member gang busted, Rupees 1 cr old notes seized
Special police party under the supervision of DSP Mallikarjuna Verma and CCS DSP M Nagasubanna busted a 11-member old currency notes racket, when the gang carrying old currency notes of Rs 500 and Rs 1000 worth Rs 1 crore in a car were confiscated by the police on Thursday.
Anantapur: Special police party under the supervision of DSP Mallikarjuna Verma and CCS DSP M Nagasubanna busted a 11-member old currency notes racket, when the gang carrying old currency notes of Rs 500 and Rs 1000 worth Rs 1 crore in a car were confiscated by the police on Thursday.
According to SP GVG Ashok Kumar, the accused Tutti Reddy Sharabha Reddy, a civil contractor’s father-in-law Krishna Reddy sold a piece of land for Rs 1 crore and kept the currency notes in his house. After the sudden demise of his father-in-law, Tutti Reddy decided to make good with the old currency notes.
In the process, he contacted his friend Soma Sudha Reddy, who is a dentist. He offered to exchange old currency notes for new ones for 80 percent value under the NRI exchange scheme but failed to do so.
Meanwhile through a network of people Tutti Reddy contacted Sheik Nasar Valle and Sheik Sadak Basha at Benguluru, who agreed to give new currency notes for of 30 lakhs out of the exchanged currency notes for 35 lakhs.
The police on learning of the racket involving the 11-member gang intercepted them, while coming from Benguluru to the city with currency notes loaded in bags. The accused Tutti Reddy and the currency exchange gang were arrested and produced before the media. SP Ashok Kumar said that they will be produced in the court.
