8-member gang held; Rupees 50 lakh old notes seized

8-member gang held; Rupees 50 lakh old notes seized
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Highlights

The Task Force and Patamata police have nabbed an eight-member gang and seized Rs 50,31,000 worth banned old currency notes of Rs 1,000 and Rs 500 at Manikantha general stores on ZP high school road, Patamata on Monday. The government had banned the old currency notes last year and later extended the time for their exchange up to July 20 for NRIs and other specified persons through the banks only.

Vijayawada: The Task Force and Patamata police have nabbed an eight-member gang and seized Rs 50,31,000 worth banned old currency notes of Rs 1,000 and Rs 500 at Manikantha general stores on ZP high school road, Patamata on Monday. The government had banned the old currency notes last year and later extended the time for their exchange up to July 20 for NRIs and other specified persons through the banks only.

But, some people still possessing the banned notes and been trying to exchange. The main accused in the case is U Venkateswara Rao, a resident of Patamata. Talking to reporters at Patamata police station, Task Force ACP P Muralidhar and Central Zone ACP N Satyanandam said the brokers will give 30 per cent new currency notes for the old currency notes.

Satyanandam said Sampath Kumar a broker had told the gang that he would give Rs 15 lakh as exchange for Rs 50 lakh old notes. The brokers collect two per cent commission in the deal. The ACP said the police booked a case under the Section 120 (B) breach of trust and a cheating case under Section 420 on the gang.

The gang members, U Venkateswara Rao, Pasupuleti Umamaheswara Rao, Shaik Hussain, V Yohan Kumar, K Vimal Kishore, K Suresh, V Kasi Viswanatha Varma and K Yesupadam were petty traders. The ACP said possessing the banned old notes is a crime and they would be booked for violation of the RBI rules.

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