Gang exchanging banned notes for a premium held

A gang of 17 people that used to exchange banned Rs.500 and Rs.1,000 notes at a premium has been busted by the Andhra Pradesh Police, said reports.

Vijaywada, Nov 22: A gang of 17 people that used to exchange banned Rs.500 and Rs.1,000 notes at a premium has been busted by the Andhra Pradesh Police, said reports.

The gang, which included a woman, was reportedly held following a sting operation by a TV channel. The cops have also seized Rs. 6.8 cash, both in old and new currency, from them.

According to reports, the gang used to contact traders promising them of small value notes for a commission of around 18 to 20%.

The role of the bankers, if involved, is being investigated by the authorities. The police are now likely to visit banks and observe the CCTV footage.

(With agency inputs)