Bengaluru: City Crime Branch (CCB) sleuths on Thursday arrested two people for allegedly trying to exchange scrapped currency notes of Rs 500 and Rs 1,000 denominations in Sheshadripuram police station limits.
The arrested have been identified as Jemmy Rahul (34) and Ajay (26). The police have recovered Rs 1.28 crore of demonetised currency from the duo. A car was also seized from them.
Following a tip-off, the police arrested the duo from Joolta Surya Elite Apartments on Pipeline Road in Sheshadripuram. According to police, the duo was trying to exchange the scrapped notes with new ones, on a huge commission, allegedly for some realtors.
The duo has been booked under the Section 7 of Specified Bank Notes (Cessation of Liabilities) Bill, 2017 according to which holding, transferring and receiving of old Rs 500 and Rs 1000 notes was a criminal offence, which provides for a fine of 10 thousand rupees or five times the cash held, whichever is higher, on holding of more than 10 banned notes.