Visakhapatnam: Rs 1.91 crore old notes seized, 3 arrested

Visakhapatnam: The City Task Force (CTF) personnel arrested three persons for having demonetised currency with a face value of Rs 1.91 crore at Akkayyapalem in Vizag on Monday. 

Based on information, the police raided a house at Akkayyapalem and seized old notes. The arrested were identified as Geddam Kalyan Kumar and Gudla Venk-ata Ramana of Burma Camp, and Kandiboti Naveen of Madhavadhara. JCP D. Nagendra Kumar said that they were in possession of old notes in the denominations of Rs 1000 and Rs 500.

"They were trying to convince people that the old notes will be back in circulation, as there is a case pending at the Supreme Court. They attempted to exchange old currency for new one for half the value," Mr Kumar said.