Coimbatore: Police has launched an investigation on 18 persons including two women for involving in illegal high value currency exchange in Coimbatore.
A few miscreants have been involved in demonetised currency exchange inside a private college premises for the past few days, claiming them as the representatives of state municipal administration minister S.P. Velumani.
Based on a tip off from the minister's brother, police launched a search on Monday night inside Sri Krishna Engineering college premises in Palakkad-Coimbatore main road.
Police arrested six including two women in 2 cars along with Rs 1.40 crore in new Rs 2,000 note bundles.
Police took 18 members under custody present at the spot during the search.
Within couple of weeks the gang of six exchanged high value demonetised currency notes for more than Rs 1 crore in Coimbatore for 25 per cent commission.
Police took the 18 members under custody and has launched investigations along with income tax officials.
