Rs 1.28 crore demonetised notes seized in Bengaluru

The duo ran a jewellery business and engaged in note exchange on a commission basis, and were also accused of cheating people with fake notes.

The Bengaluru police on Thursday arrested two people for possessing Rs 1.28 crore in demonetised Rs 1,000 and Rs 500 currency notes. The duo identified as Ajay and Rahul has been arrested for illegally possessing huge amounts of demonetised currency notes.

"The duo ran a jewellery business and engaged in note exchange on a commission basis. They are also accused of cheating people with fake notes. We suspect the involvement of more people and further investigations are underway. We expect to make more arrests in this regard," said Additional Commissioner of Police, (crime), S Ravi.

The city crime branch police arrested the duo and seized the cash from an apartment in Bengaluru's Sheshadripuram. The duo would promise to exchange old demonetised notes with new currency notes on a commission basis but would end up cheating people by supplying fake notes.

The duo would flaunt the money they possessed to lure those who wanted to exchange notes illegally. After receiving the money from them, the duo would either supply fake notes or vanish. Police suspect them to be part of a larger racket and hope to arrest others involved. Further investigations are underway.

OneIndia News