Chennai: Banned notes exchange racket busted

Chennai: The city police arrested two persons carrying demonetised currency of Rs 1 crore face-value during a vehicle check when they were going about in the small hours of Wednesday to exchange it for valid tender.

This is the second-biggest seizure of demonetised currency in Chennai since December 31, 2016, the day after which any type of transaction using old banned notes became illegal.

The arrested were identified as Ramesh and Vijaykumar who were driving on I Main Road in Shenoy Nagar, Aminjikarai to their scheduled meeting in TVK Park near Pullah Reddy Avenue.

The car was going up and down that stretch of road raising suspicion. Also, the car evaded an interception attempt by a patrolling woman sub-Inspector (SI). The car was then intercepted after a short chase and Ramesh started abusing the cops while boasting of his political clout.

The unrelenting cops searched the vehicle to find Rs 1 crore old notes of Rs 1,000 accounted for about Rs 86 lakhs and the rest in Rs 500 notes.

Preliminary probe indicated that the two were there to meet their moneychanger.
The duo — Ramesh of Salem, now residing at Saligramam and Vijayakumar of Pollachi, now residing at Mogappair, are into dealing in blue metals and sand.

They had offered to change this money belonging to a Tambaram-based businessman for a premium.

They landed in the police net while they were whiling away time waiting for their contact carrying valid tender for the ‘exchange’.  Further investigations are on to trace other persons involved in the racket besides identifying the actual holder of this ‘unaccounted’ cash.

The City Police had seized Rs 3.42 crore worth demonetised currency on March 25 from a van parked in posh JJ Lakshmi avenue in Manapakkam near Nandambakkam.