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Cabbie cheated by demonetised note gang

Last Updated 21 January 2020, 21:48 IST

Hebbal police arrested a four-member gang that cheated people by offering to exchange demonetised currency notes with genuine currency notes.

The gang recently cheated a cab driver and took Rs 10 lakh from him in exchange for Rs 1 crore demonetised notes. The gang promised him that surrendering the demonetised notes would then be handed over to RBI in exchange for Rs 15 lakh.

The arrested are identified as Rajendra Prasad (49), a resident of KR Puram, Suresh Kumar (40), a resident of Wilson Garden, Shanavaz (45) a resident of Adugodi and Sathish (40) a resident of Deepanjali Nagar.

Nagaraju D M (52), a resident of Bagalur cross, had approached Hebbal police after losing Rs 10 lakh in his eagerness to make Rs 5 lakh by exchanging the demonetized currency.

Nagaraju, who met the main accused Rajendra in Malleswaram Indira Canteen in November 2019, learnt from him that he can make money easily by “investing money in the purchase of demonetised notes and later giving them to Reserve Bank of India (RBI) for a profitable amount”.

Rajendra claimed to have known people with large reserves of demonetized currency notes willing to part with Rs 1 crore for Rs 10 lakh of legally tendered notes.

To win over Nagaraju, Rajendra arranged Rs 1 lakh demonetized notes for Rs 10,000 and sold them to another person for Rs 15,000 the very next day. Nagaraju grew greedy and agreed to invest more money, said an investigating official.

Following discussions with his cousin Rajanna SD, Nagaraju joined hands with him and organised Rs 10 lakh. He then used it to buy Rs 1 crore worth demonetized currency notes of Rs 500 and Rs 1000 denominations on January 16.

Rajendra assured the duo that he would sell the Rs 1 crore demonetised notes in three days, collected them from the victims and did not return. The accused man’s mobile phones were also switched off.

The arrested persons confess that they have collected the demonetized currency notes from a person in Kerala. They have been taken into police custody for further investigation.

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(Published 21 January 2020, 20:14 IST)

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