BENGALURU: Illegal they may be, but it seems there is still some demand for demonetised currency notes of Rs 500 and Rs 1,000 value with unscrupulous elements pedalling a theory of the old notes coming back in circulation if there is a change in dispensation at the Centre after the 2019 Lok Sabha polls.
Four people, who had come to the city to exchange Rs 1.95 crore in old currency for Rs 25 lakh invalid tender, have been arrested by the Nandini Layout police. They are Ramesh Iyer (56), a resident of Malleshpalya near Thippasandra, Sharatrak (62) of Basavanagara in Marathahalli, Venkataramu (56) of Manjunath Nagar off Kanakapura Road and Prakash (36) of Yeshwantpur.
Police said the arrests were made on Sunday, when the four had gone near Nandini Layout bus stop to exchange the old notes.“When the vehicle was searched wads of old Rs 500 notes were found beneath the seats and in the boot. Demonetised cash totalling Rs 1.95 crore was seized from them and all the four were arrested and booked under the Specified Bank Notes (Cessation of Liabilities) Act and provisions of the IPC,” police said.
The accused have reportedly revealed that they had brought the cash on behalf of a businessman based in Madikeri. “They had got in touch with an agent who promised to exchange the old currency notes. He had offered Rs 25 lakh in valid tender in exchange for the Rs 1.95 crore in banned notes.
He had reportedly told them that once there is change of government at the Centre, the scrapped notes will be legalised again. The accused persons, who just wanted to get rid of the old notes, had accepted the deal. We will trace the businessman and the agent,” police added.