VIJAYAWADA: Cash exchange gangs have found mobile recharge centres handy to exchange the banned notes with new currency. The taskforce police arrested 11 people who teamed up to exchange old currency notes with new ones at mobile recharge outlet.
As mobile recharge centres are still allowed to accept the old notes, those possessing black money are trying to exchange the notes with new ones, on commission basis. Pasumarti Srinu, who is a cell phone recharge coupon dealer, has formed a syndicate with 10 others.
According to DCP (law and order), G. Palaraju, Srinu charged 12.5 per cent commission for exchanging old currency. On info, the taskforce police raided Srinu’s shop at Chitti Nagar and found Rs 18.48 lakh, of which Rs 16.88 lakh were in Rs 2,000 denominations and the rest in Rs 100 denomination. The police are now investigating the source of new currency notes and have seized 5 bikes, a car and 12 cell phones from them along with the money.
