5 persons had allegedly come to exchange old currency notes of Rs 500 and Rs 1,000 with new currency on commission basis in the city.
Police have recovered Rs 26.54 lakh scrapped currency notes from her. (Representational image)
Visakhapatnam: Police on Monday seized scrapped notes of Rs 500 and Rs 1,000 having face value of Rs 1.48 crore and arrested five persons after conducting raids at two different places.
The five persons had allegedly come to exchange old currency notes of Rs 500 and Rs 1,000 with new currency on commission basis in the city, police said.
Police raided a place near Lakshmi Roy Lodge at Dondaparthi as well as a spot near the PF office at Marripalem in Vizag city.
The raids were conducted acting on a tip off that the exchange of old and new currency was about to take place at this venues, ACP (Task Force) I Chittibabu said.
The matter is being investigated to know the source of the scrapped currency, said the officer.
( Source : PTI )
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