Demonetised currency worth Rs 88 lakh seized; 3 nabbed

NT Correspondent

Bengaluru: Three persons were arrested for allegedly possessing demonetised currency notes worth Rs 88 lakh in denomination of Rs 500, City police said on Friday.

The accused were identified by the police as Yogesh, 39, a resident of Padmanabh Nagar in the city; Venkatanarayana, 60, and Hari Prasad, 53, both hailing from Andhra Pradesh. The banned currency was seized after the Banashankari police received credible information about a gang carrying huge amounts of currency in their car.

The police intercepted their car and found demonetised currency worth Rs 40 lakh in the denomination of Rs 500 stored in a bag, sources from police said. A case was registered and the accused were picked up for an interrogation following which a team of cops raided their houses and recovered more demonetised currency notes worth Rs 48 lakh.

Legal action has been initiated against both the accused under relevant provisions of Specified Bank Notes (Classification of Liabilities) Act 2017, police added.