Bengaluru: Four persons were arrested for possessing demonetized notes worth Rs.4.98 crore and attempting to exchange them for new notes, said police on Tuesday.
According to S. Ravi, Additional Commissioner of Police (Crime) the City Crime Branch (CCB) police after receiving information, arrested Ambrose, 46, from Jayanagar 4th Block, Arif Pasha, 34, from Gurappana Palya, Bannerghatta Main Road, and Felix, 35, from Trivandrum in Kerala state.
“The police have seized two cars and three mobile phones besides demonetized notes worth Rs 1.98 crore. In another incident, the CCB police have arrested Nanjunda from Langford Road, Shanthinagar in Bengaluru and seized demonetized notes worth Rs 3 crore. Two persons are absconding,’’ Ravi said.
The police have seized a car and one mobile phone from Nanjunda.
The four persons were arrested under Section 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017, which entails six-month imprisonment.
On March 23, two persons were arrested in Bengaluru western suburb for possessing demonetized notes worth Rs.1.28 crore and attempting to exchange them for new notes.
After the Union government banned old Rs.500 and Rs.1,000 currency notes on November 8, Parliament enacted the Specified Bank Notes Act in December to eliminate parallel economy using the demonetised notes.
