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Demonetised notes worth Rs 1 crore seized from Visakhapatnam car garage

In a major haul, the City Task Force (CTF) arrested two persons and seized demonetised currency notes with a face value of Rs 99.95 lakh from a car garage in MVP Colony on Thursday.

Published: 12th May 2017 06:24 AM  |   Last Updated: 12th May 2017 06:24 AM   |  A+A-

By Express News Service

VISAKHAPATNAM: In a major haul, the City Task Force (CTF) arrested two persons and seized demonetised currency notes with a face value of Rs 99.95 lakh from a car garage in MVP Colony on Thursday. Having stocked up with the currency notes, the accused were trying to exchange them with the new ones for high commission, the Tasak Force officials said.  The accused have been identified as D Srinivas Naidu (35), a resident of Anakapalle, and L Raja Ramana (40) from Peddapuram in East Godavari district.

Acting on a tip-off, a Task Force team raided the car garage and seized the currency including 3,798 notes in Rs 1,000 and 12,394 notes in Rs 500 denominations. “Having procured the illegal tenders from East Godavari district, the accused were trying to get them exchanged through NRI accounts. As the NRI route of exchanging demonetised currency is open till June 30, they were trying to make the most of it,” CTF assistant commissioner of police I Chittibabu said, adding that the commission for exchanging the notes were fixed at 50 per cent.  For exchanging the currency notes with a face value of Rs 1 crore, the accused had fixed their commission at Rs 50 lakh, explained the ACP.
The police said that the accused would be booked under the Specified Bank Notes (Cessation of Liabilities) Act, 2017.

Major haul

3,798 notes in Rs 1,000 denomination

12,394 notes in Rs 500 denomination

Rs 50 L commission fixed by the accused



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