ERODE: In a deft operation, the Erode district police nabbed a four-member gang allegedly involved in exchanging of old currencies for commission, near Erode on Friday and cash worth Rs 36.90 lakh in new currencies was seized from them. A police team, conducting surprise vehicle checks at Gobichettipalayam on Modachur road last night, intercepted two speeding cars on suspicion. A check of the vehicles revealed that four persons were in possession of bundles of new currencies.
The accused were taken into custody and DSP M. Selvam and inspector Balamuralisundaram held an enquiry. They were identified as Sakthivel, 37, from Alandur in Coimbatore district, Manoj, 36, Suresh, 27, and Sabari, 22, from Pollachi. Further investigation revealed that they were engaging in exchanging of old currencies for commission for the past one month.
The gang members allegedly exchanged old currencies from a businessman of Gobichettipalayam by getting new currencies at a private bank branch in Pollachi, police said. They were returning to Gobichettipalayam for settling the amount to the businessman. Police seized totally Rs 36.90 lakh of new Rs 2,000 denomination currencies from them. On information, a team of Income Tax officials from Coimbatore came here on Saturday and took the arrested persons to Coimbatore for further investigations.
