Vijayawada: Yet again, the city task force police along with Patamata police have caught a gang trying to exchange Rs 2 crore worth of demonetized currency at a residence in Ramvarapadu area on Tuesday.
Police said that they were trying to exchange the currency through the help of a Chennai-based jeweller. Joint Commissioner of Police BV Ramana Kumar while addressing media at commissioner’s office displayed the seized currency and presented the four accused members involved.
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According to Police, Chennai-based financier Jayachandran from Tiruvottiyur failed to change Rs 5 crore worth currency in the designated time by the government. Later, he approached few members who assured to exchange Rs 3 crore and eventually got cheated and received fake currency.
After which, he approached Ramesh Jain, a bullion merchant to exchange Rs 2 crore who then took the help of two engineering college students – Jutika Nageswara Rao (20) and Enugu Ramamurthy (37) to exchange the currency on commission basis of 75:25 ratio. They then handed over the two crores worth of demonetised currency and took their swift car TN 10Y 6271 car documents as security,
On July 11, they bought the currency to Vijayawada and approached Jangala Usha Srinivasa Rao (37), an electronic shop owner and asked him to exchange the cash. He then searched for few contacts in Kakinada, Ravulapalem and other areas but still failed to exchange them. On July 14, Nageswara Rao and Rama Murthy who got vexed by the process thought of heading back to Chennai with their demonetised cash.
Ramamurthy then requested Nageswara Rao to stay at their residence of Vemuri Sunita (48) at Ramavarappadu. Sunitha then informed her friend Tirupati Nirmala Devi (43) and brought P Vayunandana Rao (65) and Chekka Sudhakar (41).
Police sources said that some of their contacts informed about their efforts and soon raided the Sunita’s house and arrested seven of them. They also seized Rs 1000 notes worth Rs 2 crore from them. Jangala Srinivasa Rao and Narendra absconded and meanwhile cops are searching for Jayachandran and Ramesh Jain in Chennai.
“Majority of accused in this case hails from middle class families and they tried to commit crime with a motive of earning easy money. Exchanging demonetized currency is a serious crime and person carrying more than ten notes will be arrested under Specified Bank Notes (Cessation of Liabilities) Act 2017,” says JCP Ramana Kumar said.
A case under section 7 of Specified Bank Notes (Cessation of Liabilities) Act, 2017, IPC sections 420 (cheating), 406 (criminal breach of trust) and 120B (criminal conspiracy) at Patamata police station.
Just a day ago, the city task force along with Patamata police arrested eight people for illegally possessing old Rs 500 and Rs 1000 notes to the tune of Rs 50.31 lakh in Vijayawada on late Sunday night.