Ten arrested in Bengaluru with over Rs 3 crore in demonetised notes

Three more people are absconding and a special team have been formed to search and nab them.

Ten people were arrested with demonetised currency amounting to over Rs 3 crore they were trying to change into new notes, the police said on Monday.

Rs 500 and Rs 1,000 notes amounting to Rs3.25 crore were found from a car on a tip-off. (File Photo)

“On a tip-off, we searched a car parked near a temple in Basavangudi and found demonetised Rs 500 and Rs 1,000 notes amounting to Rs3.25 crore the accused were attempting to exchange for new notes,” deputy commissioner of police, Bengaluru South, SD Sharanappa said.

The accused have been identified as V Srinivas 43, M Mahesh, 32, P Karunakaran, 48, Abdul Mujeeb, 40, S Neelakanta, 32, HG Jambane Gowda, 62, A Narayana, 48, K Udayakumar, 34, S Karthik, 32, and P Rudrakumar 47.

A case has been registered against them under Sections 5 and 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017.

“Three more persons, Prasad, Shashi and Rajendra are absconding, and we have formed a special team to search and nab them,” said Sharanappa.

On April 14, police raided the residence of former Bengaluru city corporation corporator V Nagaraj and seized Rs14.8 crore of demonetised notes.

Nagaraj was arrested on May 10 along with his two sons and have been remanded to police custody till May 22 in the money laundering case.