The urban police have seized ₹1.16 crore demonetised currency from 10 persons and seized one car, 10 cell phones and five bikes from them.
Addressing a media conference, Rajamahendravaram urban SP B. Rajakumari said that east zone DSP K. Ramesh Babu and Bommuru inspector K.N. Mohan Reddy got credible information that some people had kept old currency notes in the Lalacheruvu Housing Board Colony. They raided Rayudu Nagakumar’s flat in the Satyasai Apartments on Tuesday and caught 10 persons and seized ₹1,16,35,000 in ₹500 and ₹1,000 denominations.
Commission lure
The accused allegedly said that they wanted to exchange the notes in the market on commission basis.
The accused are: G. Taraka Prasanna Kumar, Rayudu Nagakumar, Somi Jagadish, V.V. Satyanarayana, Y. Chiranjeevi, G. Nageswara Rao and Thoram Srinivas of Rajamahendravaram and M. Tejo Lakshminarayana Prasad of Kovvuru, K.V. Sriramachandra Murthy of Undrajavaram of West Godavari and another person. The SP said that possession and exchange of old notes was a crime as per the demonetisation Act and they were going to book the accused as per court directions.
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