Two persons were arrested from Visakhapatnam in Andhra Pradesh on Thursday by City Task Force (CTF) for possessing demonetised high-value currency notes of the face value of Rs. 99.95 lakh.
Acting on a tip-off, the CTF team raided a garage in the MVP Colony area and found old currency stocked up, which the accused had planned to exchange for new notes.
The accused have been identified as D Srinivas Naidu (35), a resident of Anakapalle, and L Raja Ramana (40) from Peddapuram in East Godavari district.
â€śHaving procured the illegal tenders from East Godavari district, the accused were trying to get them exchanged through NRI accounts. As the NRI route of exchanging demonetised currency is open till June 30, they were trying to make the most of it,â€ť CTF assistant commissioner of police I Chittibabu told The New Indian Express.
He also added that the commission for exchanging the notes was fixed at 50%.
According to The Hindu, Chittibabu informed that the seized amount included 3,798 notes of Rs. 1,000 and 12,394 notes of Rs. 500 denomination.
Police have seized the money and the duo have been arrested.
Last month, the Task Force police arrested five people who were trying to exchange old currency of Rs 500 and Rs 1,000 notes with new notes on commission and seized Rs 1.48 crore in Visakhapatnam.
In March this year, the Town Police station in Visakhapatnam raided an apartment and seized Rs. 1.19 crore in old currency of Rs. 500 and Rs. 1,000 denomination.
The police team reportedly took three persons into custody, who were trying to exchange the old notes for new notes on high commission.