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Rs 50 lakh in banned notes seized, two held

The Central Crime Branch (CCB) police have arrested two people and seized demonetised currency amounting to Rs 50 lakh from a house on Link Road near Langford Town on Friday night.

Published: 19th March 2017 05:39 AM  |   Last Updated: 20th March 2017 11:42 AM   |  A+A-

BENGALURU: THE Central Crime Branch (CCB) police have arrested two people and seized demonetised currency amounting to Rs 50 lakh from a house on Link Road near Langford Town on Friday night.

The arrested are Anand Jain, a jewellery shop owner in Adugodi and a resident of Link Road, and Vinayak Prasad, a resident of Ejipura, a real estate businessman.

The CCB officials said, “Based on a tip-off, we raided the house and found the demonetised currency. We found Rs 1 lakh in Rs 1,000 notes and Rs 49 lakh in Rs 500 notes.”  The accused said that they were exchanging demonetised notes with new currency notes at Rs 1 lakh commission for Rs 1 crore.

The duo revealed that Vijay Kumar, owner of a jewellery shop in Sadashivanagar and Salam, a real estate businessman, had come to them with old notes to exchange with new currency.  They are now absconding.

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