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Ten people arrested with demonetised currency amounting to over Rs 3 crore

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Bengaluru: Ten people were arrested with demonetised currency amounting to over Rs 3 crore, when they were trying to change into new note. On a tip-off, police searched a car parked near a temple in Basavanagudi and found demonetised Rs 500 and Rs 1,000 notes amounting to Rs.3.25 crore the accused were attempting to exchange for new notes.

The accused have been identified as V. Srinivas 43, M. Mahesh, 32, P. Karunakaran, 48, Abdul Mujeeb, 40, S. Neelakanta, 32, H.G. Jambane Gowda, 62, A. Narayana, 48, K. Udayakumar, 34, S. Karthik, 32, and P. Rudrakumar 47. A case has been registered against them under Sections 5 & 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017.

Three more persons, Prasad, Shashi and Rajendra are absconding, and police have formed a special team to search and nab them,. On April 14, police raided the residence of former Bengaluru City Corporation corporator V. Nagaraj and seized Rs.14.8 crore of demonetised notes. Nagaraj was arrested on May 10 along with his two sons and have been remanded to police custody till May 22 in the money laundering case.

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