<p>Nearly five years after demonetisation, old currency notes of Rs 500 and Rs 1000 denominations, worth Rs 1,92,50,000 was seized by the Mangaluru city police and arrested three persons who were transporting it to Mangaluru for disposal.</p>.<p>The police have arrested Jubair Hammabba (52) from Kannur in Mangaluru, Deepak Kumar (32) from Veeranagara in Mangaluru and Abdul Nasir (40) from Bajpe, said City Police Commissioner N Shashi Kumar.</p>.<p>The trio were transporting demonetised notes in a car and were on their way from Adyar to Lalbagh. The Barke police stopped the car for routine checking and found demonetised notes in two bags. There were 10 bundles of notes with a face value of Rs 1,000 and 57 bundles with a face value of Rs 500. The police also seized the car.</p>.<p>The Commissioner said that initial inquiry revealed that the arrested had sourced the demonetised currency from Shivamogga and Chitradurga and were getting it to Mangaluru for disposal. The arrested had even contacted a few persons in Mangaluru and asked them to collect it for disposal of the demonetised notes through banks by claiming that it can be disposed of for 50% of the value. The arrested had even asked those whom they had contacted to hand over 20 % of the value of the demonetised currency for exchange. The arrested had tried to spread false rumour that the banks will receive the demonetised currency notes for 50% of its face value.</p>.<p>“The police are looking for the owners of the currency from whom the arrested had collected it from Chitradurga and Shivamogga and other people who were involved in it. The investigation will also look into whether the arrested had collected demonetised currency in the past,” said the Commissioner.</p>.<p>Stating that the demonetised currency has no value, the Commissioner called upon people not to fall prey to any rumours on demonetised currency.</p>.<p>The police have booked a case under IPC section 420 (cheating), section 6 and 7 of Specified Bank Notes (Cessation of Liabilities) Act 2017. Under the act, possessing demonetised currency is punishable with a fine of Rs10,000 or five times of the value of the seized demonetised currency whichever is higher. In this particular case, the fine would come around Rs 9.5 crore. The police will seek police custody of the arrested, said the commissioner.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>Nearly five years after demonetisation, old currency notes of Rs 500 and Rs 1000 denominations, worth Rs 1,92,50,000 was seized by the Mangaluru city police and arrested three persons who were transporting it to Mangaluru for disposal.</p>.<p>The police have arrested Jubair Hammabba (52) from Kannur in Mangaluru, Deepak Kumar (32) from Veeranagara in Mangaluru and Abdul Nasir (40) from Bajpe, said City Police Commissioner N Shashi Kumar.</p>.<p>The trio were transporting demonetised notes in a car and were on their way from Adyar to Lalbagh. The Barke police stopped the car for routine checking and found demonetised notes in two bags. There were 10 bundles of notes with a face value of Rs 1,000 and 57 bundles with a face value of Rs 500. The police also seized the car.</p>.<p>The Commissioner said that initial inquiry revealed that the arrested had sourced the demonetised currency from Shivamogga and Chitradurga and were getting it to Mangaluru for disposal. The arrested had even contacted a few persons in Mangaluru and asked them to collect it for disposal of the demonetised notes through banks by claiming that it can be disposed of for 50% of the value. The arrested had even asked those whom they had contacted to hand over 20 % of the value of the demonetised currency for exchange. The arrested had tried to spread false rumour that the banks will receive the demonetised currency notes for 50% of its face value.</p>.<p>“The police are looking for the owners of the currency from whom the arrested had collected it from Chitradurga and Shivamogga and other people who were involved in it. The investigation will also look into whether the arrested had collected demonetised currency in the past,” said the Commissioner.</p>.<p>Stating that the demonetised currency has no value, the Commissioner called upon people not to fall prey to any rumours on demonetised currency.</p>.<p>The police have booked a case under IPC section 420 (cheating), section 6 and 7 of Specified Bank Notes (Cessation of Liabilities) Act 2017. Under the act, possessing demonetised currency is punishable with a fine of Rs10,000 or five times of the value of the seized demonetised currency whichever is higher. In this particular case, the fine would come around Rs 9.5 crore. The police will seek police custody of the arrested, said the commissioner.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
