The Subramanyanagar police arrested three people who allegedly attempted to dispose of demonetised currency notes in Rajajinagar on Wednesday. They seized notes worth Rs 35 lakh from Prasanna (40) and Srinivas (34), both residents of Kunigal, and Raghavendra (41) from Prakashnagar.
The trio confessed to the police that they bought the demonetised notes in Rs 500 denomination by paying Rs 2.5 lakh valid money from a person identified as Jayanth, a resident of Electronics City.
Jayanth had assured help to the trio in selling the notes three times the price they paid him through Reserve Bank of India (RBI) officials. He asked them to hand over the notes to a man called Ravi in Rajajinagar, assuring them that they would get a huge profit. But the police caught the trio before they could meet Ravi.
An investigating officer said the police are trying to trace Jayanth. Only after nabbing Jayanth will the police come to know the source of the seized money, the officer added.
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