Kasaragod: A five member gang exchanging old currency notes of Rs 500 and Rs 1000 denomination and earning 30% commission was nabbed by Kasaragod town police on November 18.
P Harris, aged 39, P Nisar, aged 42, M Naushad, aged 39 and C H Siddique aged 39, all residents of Nadukanda in Neeleshwar and Mohammad Rafeeq aged 30 of Palukunnu were nabbed by police.
The gang used to offer Rs seven lakhs worth new currency for every Rs 10 lakhs of old currency.
Based on a definite tip off, police approached the gang as customers and managed to seize Rs six lakhs worth currency along with the car used in transporting from the gang members.
When common people are struggling to exchange Rs 2000 worth notes in banks after standing in queue for hours, police are surprised at the huge currency haul found with the gang. They suspect the hand of few bank officials in the entire deal.
Hosadurga police also arrested the trader from Kanhangad who gave Rs 10 lakhs to the gang for exchange.