''Black currency racketeers'' held

Posted By: Pti
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Coimbatore,Jan16 (PTI) Four persons were arrested oncharges of cheating the public by giving ''black currency'' forconverting it into foreign currency like Dollars in return forrupees, a top police official said today.

Based on a complaint by a city merchant, three persons werearrested here and another from Rajapalayam, late last night,Police Commissioner C Sylendra Babu told reporters here today.

The modus operandi was that they would provide bundles of''black currency'' and a solution for dipping them andconverting into dollars and then take Indian rupees to thevalue, he said.

They would demonstrate with two to three notes,saying''black currency''was brought from Foreign countries,he said.

Black currency was black paper cut into dollar size.

One Sabarimalai of Rajapalayam was the gang leader,hesaid.

Since the city merchant was cheated of rs.1.80 lakh,police suspected that the racket involved lakhs of rupees andinvestigation was on, Babu said.

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