Bengaluru: A three member gang including a textile merchant was nabbed by Cottonpet police for replenishing old currency with new one by taking 30 per cent commission on November 24.
Manoj Kumar Singh and his friend, both residents of Chickpet are among the arrested. Both own a textile shop on Residency Road. The police seized Rs 50 lakhs worth currency including old and new notes from the accused.
On a definite tip off, the police trapped the gang involved in luring people for conversion of black money into white at 30 per cent commission. Accused Manoj Kumar Singh was in touch with leading real estate businessmen and others to run his lucrative illegal money exchange business.
The police feel that certain bank staff are involved in these deals considering the huge value transactions and are on the lookout for more offenders.