Two held for exchanging scraped notes, Rs 1.95 Crores seized

West Godavari, Sept 14: The Police have arrested two persons on Wednesday for possessing scraped currency notes and seized Rs1.95 crore at Tadepalligudem of West Godavari district.

While speaking to media persons, The district SP B. Rajakumari said that they have received the information about the huge amount of demonetized currency to be exchanged, then raided a house on JN Road and arrested Vanga Durga Sridhar (40) and Kodavati Eswara Rao (35). They also seized bundles of Rs. 500 and Rs. 1,000 notes of the banned currency.

They accused allegedly said they wanted to exchange demonetized currency with new currency on 25% commission basis. The SP said the duo had connections with two persons in the city Bobby and Shyam who along with three others were at large.

"The accused said that the gang wants to give the demonetized currency to NRIs through middlemen, as NRIs are still having provision to exchange the demonetized currency through RBI," the SP said.

The police team seized two cars which were used by the accused and booked cases under Section 5 and 7 of specified bank notes.