7 Held In Vijayawada For Possession Of Old Currency Notes Worth Rs2 Crore

Vijayawada: A gang of seven members including three women were arrested on Tuesday by the Task Force officials for possession of demonetized notes to the tune of Rs2 crore. The police officials raided the house of one Nageswara Rao and nabbed the accused following which others were tracked down.

The seized cash belongs to a Chennai-based realtor Jayachandran who wanted to exchange the old notes worth Rs5 crore for new currency. He then decided to change Rs3 crore and took the help of one Jutiga Nageswar Rao. However, he was eventually duped with fake currency notes. He then approached one Ramesh Jain in Chennai to exchange the remaining Rs2 crore demonetized notes. Ramesh then made an agreement with one Nageswara Rao in Vijayawada offering 75 percent of the old currency notes on spot to get them exchanged to new currency notes.

Joint Commissioner BV Ramana Kumar said a case under Section 7 of Cessation of Liabilities Act 2017 and IPC 406, 420, 120 (B) has been registered with Patamata police station. The arrested are - Yenuga Ramuthy, Vemuri Suneetha, Tirupati Nirmala Devi, Pasupuleti Vayanandana Rao, Chekka Sudhakar, Sonti Vijaya Jyothi.