Visakhapatnam: The city police on Sunday caught three persons including an orthopaedic surgeon who allegedly offered valid currency notes for the demonetised currency on commission.
Police seized Rs 47 lakh (Rs 46 lakh in Rs 2,000 denomination and Rs 1 lakh in Rs 100 denomination) and arrested Dr Anne Sireesh, an orthopaedic surgeon, and his associates M Surya Prasad Reddy and B Srinivasa Rao.
ACP Chittibabu said acting on a tip-off, his team carried out a raid at an apartment on Shankarmattam Road and apprehended the trio.
Dr Sireesh was offerring Rs 47 lakh in valid currency for the demonetised notes for a commission of about 30 per cent, the ACP said.
Earlier Dr Sireesh had exchanged Rs 40 lakh in old currency with new notes, he said. The Income Tax Department officials were also probing the matter, he said.