Police unearth inter-state demonetised currency racket

Police unearth inter-state demonetised currency racket, the vie

The Govindapura police recently unearthed a demonetised a currency racket and arrested a gang of five red-handed while they were waiting for their clients to hand over the consignment of currency notes.

The accused have been identified as Sureshkumar, 32, a cloth merchant from K.R. Puram, Ramakrishna, 32, also a cloth merchant from Rajajinagar, Manjunath, 43, a farmer from Anekal, Venkatesh, 53, a BBMP sub-contractor from Hongasandra, Bengaluru and Dayanand, 45, a farmer from Hongasandra, Bengaluru. The police seized a total of ₹80 lakh worth demonetised ₹500 and ₹1,000 currency notes from them.

Based on a tip-off, a police team raided a place near a petrol pump station in HRBR Layout and arrested the accused who were waiting for the customer to hand over the backpack stuffed with the demonetised notes.

Based on their information, the police raided a farmhouse in Kasargod and seized fake currency worth ₹5 crore which was printed and stuffed in 24 sacks ready to be dispatched. The accused had packed blank papers under the fake note bundles to deceive customers. There are many others involved in the racket and a special team has been formed to track down the accused, S.D. Sharanappa, DCP, East Division, said.

The accused have been booked under various sections of The Specified Bank Notes (Cessation of Liabilities) Act, 2017, and investigations are on to ascertain the source of the demonetised notes which were printed and circulated.

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