Fake notes exchange racket busted in Vijayawada

Seven accused arrested with demonetised notes in the city.

Vijayawada: Vijayawada Task Force police, along with Patamata police, have caught a gang trying to exchange Rs 2 crore worth demonetised currency for a Chennai-based businessmen in the city on Tuesday.

Addressing the media here on Tuesday, joint commissioner of police B.V. Ramana Kumar displayed the currency and presented the accused before media.

According to the police, Chennai-based financier Jayachandran, who failed to exchange Rs 5 crore worth currency in due time had tried to exchange Rs 3 crore with a party and got fake Rs 2000 notes.

He then approached Ramesh Jain, a bullion merchant in Chennai, and took help of engineering student Jutika Nageswara Rao, 20, and Enugu Ramamurthy, 37, to exchange currency for 75:25 commission. They both handed overthe the currency worth Rs 2 crore by keeping their Swift car No. TN 10Y 6271 documents as security and brought currency to Vijayawada on July 11.

They have approached electronic shop owner Jangala Usha Srinivasa Rao, 37, and asked him to exchange the cash. He had searched for a few parties at Kakinada, Ravulapalem and other areas and failed to exchange them.

On July 14, Nageswara Rao and Rama Murthy, who got vexed with the delay in exchanging told Srinivasa Rao that they will go back to Chennai along with the cash. Ramamurthy then requested them to stay at the house of Vemuri Sunita, 48, at Ramavarappadu. Sunitha informed her friend Tirupati Nirmala Devi, 43, and she brought P. Vayunandana Rao, 65, and Chekka Sudhakar, 41, for the purpose.

Police on Tuesday afternoon raided Sunitha's house at Model Village in Ramavarappadu and arrested the seven accused and seized old Rs 1000 notes worth Rs 2 crore.

Jangala Srinivasa Rao and Narendra are absconding and police are searching for Jayachandran and Ramesh Jain at Chennai.

“Majority of the accused in this case hail from middle class families and they tried to commit the crime with a motive of earning easy money. Exchanging demonetised currency is a serious crime and person carrying more than ten notes will be arrested under Specified Bank Notes (Cessation of Liabilities) Act 2017,” said joint commissioner of poice Ramana Kumar.

( Source : Deccan Chronicle. )
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