VISAKHAPATNAM: The city police busted a Rs 2,000 currency note exchange racket and seized cash worth Rs 60 lakh of Rs 500 denomination in Visakhapatnam on Wednesday following the arrest of three persons.
Speaking to reporters, DCP 1 Vidyasagar Naidu said that the accused were active ever since the Centre announced withdrawal of Rs 2,000 notes. He said that P Dharma Rao of Salipeta in the city and Ahmad Mohiuddin of Kakinada were friends. Dharma Rao told Ahmad about the exchange of notes would fetch them 10 per cent commission. Ahmad contacted his real estate friends Appala Ramula Reddy and Rama Rao and told them about the notes exchange deal. Ramula Reddy and Rama Rao approached T Kishore, who hails from Vijayawada, whom they knew and sought money for a land deal.
Kishore had allegedly given them Rs 60 lakh. Both Ramula Reddy and Rama Rao handed over the cash bag containing cash of Rs 500 denomination to Dharma Rao and another accused Dala Sunil for exchanging the notes with Rs 2,000 denomination. “However, Dharma Rao and Sunil after collecting the cash fled away. The duo, later, realised that they were cheated by Dharma Rao and his accomplice,” Naidu said.
Following a complaint lodged by Kishore, the police registered a case. A police team nabbed Dharma Rao and Sunil. The DCP said three members of the gang were arrested, including Ahmad Moihuddin, Podilapu Dharma Rao and Dala Sunil. He went to say that they were conducting further investigation to nab those involved in the case. The DCP congratulated the CI Tirumala Rao and his team for their action to nab the gang members.