VISAKHAPATNAM: With many black money hoarders eager to exchange old demonetised currency, the police suspect a modus operandi between bankers and money exchangers.
Task Force police suspect that several money exchangers, who had initially exchanged old demonetised notes for new ones with a commission, were now trying their luck to rope in bank employees for currency conversion.
The city police seized so far around Rs 77.5 lakh new currency notes, besides old currency of Rs 10 lakh in the past one week in Vizag city and Vizag rural police also seized Rs 23.5 lakh old currency notes from a leaf trader for failing to produce valid documents to account the money.
Police sources said some bankers in the city were hand-in-glove with commission agents (money exchangers) and are trying to make best use of the demonetisation drive.
The cops have placed some special teams at various places in the city and identified a few gangs. However, so far not a single person has been caught red-handed.
Sometimes, bankers colluded with the ATM loaders in the city. The ATM loaders will fill less money in ATMs and remaining new currency notes will be used for exchange of old currency on commission basis.
ACP (Task Force) I. Chittibabu said commission agents were in the job to identify unemployed youth and others, who have bank accounts, and ask them to deposit old currency ranging from Rs 50,000 to Rs 2 lakh, which they get from persons who have black money.
After a few days of deposit, the depositors are asked to withdraw the money in various phases and they pay back the persons who gave the old notes after taking commission ranging from 25 per cent to 30 per cent.
A DCP rank officer said some bankers were under the police scanner. “We are also investigating the recent case, in which ATM loaders siphoned of Rs 74 lakh new currency to ascertain the role of some bankers,” he added.
Man duped of Rs 1.4cr worth notes in currency exchange
A man was duped of Rs 1.4-crore worth notes at Chilakaluripeta on Thursday. According to police sources, the accused put currency notes on the top and bottom of the bundles and white papers cut in the size of currency notes in the middle.
Muralikrishna Reddy of Mitturu of Chittoor asked G. Harish of Tirupati to exchange Rs 2 crore of demonetised notes at 30 per cent commission. Harish owns petrol bunks in Tirupati and Visakhapatnam, and also does realty business.
Muralikrishna Reddy met him recently and convinced him to excha-nge his big notes into small notes with the help of currency turnover of the petrol bunk and Harish agreed for the same. Two days ago, Harish told Muralikrishna to arrange Rs 1.40-crore old currency notes and asked him to come to his petrol bunk at Tirupati.
Muralikrishna came to the petrol bunk with a bag full of old notes. He opened the zip of the bag and showed Harish bundles of old currency notes and suggested him to check the notes at home. Harish then gave him a bag filled with lower-denomination currency notes worth Rs 1.40 crore.
Later Harish went home and was shocked to see currency bundles filled with white papers and newspapers. He tried to contact Muralikrishna but in vain.
He then started for Visakhapatnam in his car with the bag.
He stopped at Chilakaluripeta and filed a ‘hatched’ complaint to the police there. However, the police found out the real story and are now questioning Muralikrishna and two others. Police sources said Rs 1.17 crore was recovered from the accused and the case would be transferred to Tirupati police for further investigation.
