VISAKHAPATNAM: In a major haul, the Vizag City Task Force (CTF) police seized demonetised currency notes with a face value of Rs 1.91 crore from a flat in Venugopal Apartment in Akkayyapalem on Monday and arrested three persons.
“Acting on a tip-off, a Task Force team led by Assistant Commissioner of Police I Chittibabu raided the flat No. FF2 in Venugopal Apartment on Monday morning and apprehended three persons who were found in possession of the banned currency notes in `1,000 and `500 denominations,” said Joint Commissioner of Police D Nagendra Kumar, while producing the accused and seized notes before the media.
The accused have been identified as Geddam Kalyan Kumar and Gudla Venkata Ramana from Burma Camp area and Kandiboti Naveen from Madhavadhara in Vizag.
All the three have previous records of illegal dealing with demonetised currency as they had mediated deals related to exchange of currency notes on a commission basis, police said.
“The accused had procured the demonetised currency notes with a face value of `1.91 crore from their friends by paying `25 lakh. They were planning to make more money by exchanging the illegal tenders at a higher commission. We suspect more people are involved in the racket,” said the JCP.