VIJAYAWADA: Vijayawada police on Monday produced before the media 17 persons arrested on charges of exchanging demonetised notes with the new notes at 30 per cent commission. The gang, spread across Vijayawada, Guntur and Eluru, pooled '6.8 lakh and was offering the exchange. According to Vijayawada police commissioner D. Goutam Sawang, seven traders from Eluru pooled the money and handed over it to a group of people in Vijayawada.
He said the traders expected 20 per cent commission in return and the intermediaries, at various levels, shared the remaining 10 per cent. After a TV channel aired a sting operation it conducted, the police swooped down and nabbed all those involved, Mr Sawang said. Mr. Sawang clarified that there was no organised racket of the kind, as was being speculated.
He said a group of people who wanted to make some quick money was involved. The police chief said that every link in the case has been established, except the source of money. The banker’s involvement is yet to be ascertaine, said Mr Sawang and added that investigation was still on. He pointed out that there were many rumours floating around which were not true.
The city police appealed to the people that if anyone notices anything out of the ordinary, they should tip off the police and prompt action will be taken. He said that the police vigil has been increased over the possibilities of racketeering, given the prevailing situation. P. Srinivasa Rao, Simhachalam, Nageswar Rao, Bharat Kumar and Srinu were arrested from Eluru. They had pooled the money.
