Pics: Spoorthi Ullal

Daijiworld Media Network – Mangaluru (ANK)

Mangaluru, Nov 19: City police on Friday November 19 seized Rs 1,92,50,000 worth old currency and arrested three people in connection with the case.

The arrested are Zubair Hammabba (52) from Kannur, Deepak Kumar (32) from Padil and Abdul Naseer (40) from Bajpe. Zubair and Naseer are driver by profession while Deepak is an electrical contractor.

The trio was carrying demonetised notes in a car and where on their way from Adyar to Lalbagh. The police stopped the car for routine checking and found the demonetized notes in two bags. There were 10 bundles of Rs 1,000 currency notes and 57 bundles of Rs 500. The police also seized the car.

Initial inquiry revealed that the accused had brought the demonetised currency notes from Shivamogga and Chitradurga. They had brought it to Mangaluru to store and then dispose it.

The accused contacted a few persons and asked them to take the money and dispose the demonetised notes in banks at 50% value and 20% as commission. The accused also tried to cheat people by spreading rumours that bank will take the old currency notes for 50% value.

“We are probing the case to find out from whom they had taken the currency notes at Chitradurga and Shivamogga and the other people involved in it,” said police commissioner N Shashi Kumar.

A case under IPC section 420 and section 5 and 7 under the Specified Bank Notes (cessation of liabilities) Act 2017 was filed at Barke police station.

Under the act, fine may be imposed up to Rs 10,000 or 5 times more than the amount seized. In this case, the fine may go up to Rs 9.5 crore.