Rs 1 crore demonetised notes seized in Anantapur, 11 arrested

The Anantapur Police seized Rs 1 crore in demonetised notes and arrested 11 persons in connection with the case in Srinivasanagar here on Saturday.
The demonetised notes and cell phones seized from Anantapur on Saturday | Express
The demonetised notes and cell phones seized from Anantapur on Saturday | Express

ANANTAPUR: The Anantapur Police seized `1 crore in demonetised notes and arrested 11 persons in connection with the case in Srinivasanagar here on Saturday.

The police swooped down on the gang even as they were handing over a lower value of money in return for the old notes.According to Additional SP K Malyadri, the police are on the look out for two more persons involved in the racket.30-year-old Sodum Pavan Kumar Reddy, the kingpin of the gang, got into the illegal trade to support his gambling and alcoholism.

He began collecting demonetised notes in exchange for regular currency at a sizable commission together with his relatives and friends — Sravan Kumar Reddy, S Ramireddy, D Utappa, G Maheswara Reddy, P Chandsaekhar and Sattar Basha.With the help of his NRI contacts and bank officials, Pavan identified people who may need his help.

In the process he got in touch with Ramakrishna Reddy who works as an assistant engineer with the Rayalaseema Thermal Power Station in Muddanur and promised to his demonetised notes exchanged for a commission. Ramakrishna then told him that he and his relatives together had upto `1 croe in demonetised notes and wanted to covert them into the new notes.

He offered a commission of `5 lakh for exchanging `1 crore into `25 lakh.

Pavan took the old notes and through Sattar Basha consulted government teachers K Anki Reddy, M Satyamaiah and N Rama Naidu who spoke to Basha in Guntakal, an “expert” in exchanging demonetised notes.As decided, Basha sent his agent Shaik Abib to Antnapur. Acting on a tip off, police caught the two parties red handed.The cops also seized Scorpio and Hyundai cars and 12 cell phones from the accused. The police said an FIR has been registered and a detailed investigation is on.

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