Lawyer, engineer among six held in note-swap racket

A lawyer and an engineer are among six people arrested by police in southern Bengaluru with Rs 2.8 crore in demonetised currency. Notes worth Rs 2.02 lakh were counterfeit.

Four of the suspects were travelling by an autorickshaw and two on a motorbike when the Mico Layout police intercepted them near the BBMP playground in Vijaya Bank Layout on Thursday.

The autorickshaw carried a gas cylinder and several plastic rice bags containing coconut shells.

The demonetised currency was cleverly stuffed in two of the bags. Interestingly, police also found Rs 2.02 lakh in counterfeit currency. There were 102 fake notes of Rs 1,000 denomination and 200 fake notes of Rs 500 denomination.

When questioned, the suspects claimed that the money belonged to Ramesh, a resident of Kathriguppe, who had given it to them to exchange it for a staggering 70% commission.

Police gave their names as S Dinesh (30), a resident of BTM Layout 2nd Stage, K B Marrireddy (60), an advocate from Domlur, R Harish (50), a resident of Yelahanka, Chandrasekhar M (60), a resident of Tavarekere, Dinesh G (40), an auto-rickshaw driver, a resident of Banashankari 3rd Stage, and Banuji G (59), an engineer from Chittoor district in Andhra Pradesh.

They have been booked under the Specified Bank Notes (Cessation of Liabilities) Act, 2017, and under Section 489 of the IPC (counterfeiting currency and bank notes). A manhunt has been launched for Ramesh.