Police arrest four, seize Rs 1 crore in banned notes

The police have arrested four people on the charge of attempting to exchange demonetised notes worth Rs 1 crore in Ashokanagar.

The arrested are Lakshmipathi, Kantharaju, Bayyappa Reddy and Shyam. The police seized demonetised notes of Rs 500 and Rs 1,000 denominations and four cellphones from them.

The suspects had struck a deal with a certain Rajiv Gupta. The deal was that Gupta should pay new notes worth 60% the value of the banned notes. As per the agreement, the four were waiting inside a Toyota Fortuner car with cash near a Nandini milk parlour opposite Mayo Hall. The police raided the vehicle and detained them. However, Gupta did not turn up. The police are on the lookout for Gupta and are questioning the suspects to ascertain the source of money.