Police suspect that the cash seized was arranged by the detained for a transaction with another gang for a premium.
Educational status is a major determinant of adopting cashless transactions. (Representational image)
Vizianagaram: Police detained nine people in Duppada village for allegedly trying to exchange valid bills with scrapped banknotes for a premium and seized Rs 18.7 lakh from them on Sunday.
"Cash worth Rs 18.7 lakh, most of it in new Rs 2,000 notes and the rest in 100 rupee notes, was recovered from them after police raided a house near Palanuru at Duppada junction," said I Town Circle Inspector P. Sobhan Babu.
Police suspect they belonged to a gang and had arranged the money for exchanging it with another gang for a commission.
Among them six are residents of Vizianagaram while others hailed from Visakhapatnam. They were handed over to Income Tax department along with the cash for further action.
( Source : PTI )
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