Vijayawada: Even after eight months of demonetisation, gangs exchanging demonetised notes with new currency are continuing their operations, despite implementation of Specified Bank Notes (Cessation of Liabilities) Act-2017 and stringent action by the police. A gang exchanging banned notes for a huge commission was busted by the city police on Sunday night and cops suspect more gangs involved in similar operations in the city.
The Vijayawada police commissioner's task force and Patamata police, in a joint operation at Manikanta General Stores in Patamata PS limits in the city, found eight persons trying to exchange Rs 1,000 and Rs 500 demonetised notes, amounting to Rs 50,31,000. Vura Venkateswara Rao, 50, a resident of Patamata, Pasupuleti Umamaheswara Rao, 52, SK. Hussain, 48, Yohan Kumar, 43, Kedarnath Vimal Kishore, 50, Kalapala Suresh, 50, Vanapalli Kasiviswanath Varma, 42 and Kammavarapu Yesupadam, 53, were caught red-handed while exchanging old notes for a commission of an exorbitant 70 per cent with the help of middleman, Sampath, who is absconding.
Sampath accepted to give new notes worth Rs 15 lakh for Rs 50 lakh and police having information from reliable sources, raided the shop and seized the cash. Inquiry is on into the activities of Sampath. “We have doubt on the involvement of inter-state currency exchange gangs in the case and are probing into how they were able to exchange banned notes even after the Reserve Bank of India has strictly said ‘no’ for exchange of notes. We will soon catch Sampath,” said Assistant Commissioner of Police, Central Zone, N. Satyanandam and urged people to co-operate with the police and inform them about cash exchange and hawala gangs in the city.
