BENGALURU: The Banashankari police have arrested three suspects for allegedly trying to exchange demonetised currency worth Rs 88 lakh for valid tender. They were carrying Rs 500 denomination notes of demonetised currency.
The accused have been identified as Yoganandam alias Yogesh (39), a resident of Padmanabhanagar, Venkat Narayan alias Rajanna M (60), and Hariprasad (53), both natives of Puttaparthi in Andhra Pradesh.
Police said they received a credible tipoff that some persons in a car were waiting near Kadirenahalli Bridge to exchange demonetised currency.
Based on the information, a police team rushed to the spot and checked the car to find Rs 40 lakh in demonetised currency. The trio was arrested and further investigations led to the recovery of another Rs 48 lakh at a house belonging to an accused.
“We are probing to know with whom they were trying to exchange the currency. A case is registered under various Sections of the Specified Bank Notes (Cessation on Liabilities) Act, 2017,” the police added.