The Jalahalli police on Wednesday arrested two people and seized demonetised currency notes worth Rs 40 lakh in Rs 500 and Rs 1,000 denominations.
Following a tip-off, Jalahalli PSI Lepaksha Murthy rushed to Gokula Circle and nabbed the accused, who were waiting for customers to sell demonetised currency notes.
The accused have been identified as Rajendra N M (47), a resident of Chamarajanagar, and his associate Mahantesh (29) from Kalaburgi. The duo was later taken to the police station. During interrogation, they confessed to have received the consignment from their contact, Vijay, in Kerala.
They confessed to have lured people by saying they can use demonetised currency notes for investment purposes. The investment can be used to pay their contact in RBI to convert the Rs 40 lakh demonetised notes into legitimate currency. The investors were promised a cut in the profit.
The accused have been booked under cheating and the Specified Bank Notes (Cessation of Liabilities) Act.
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