Exchange racket busted, 3 held

According to a senior I-T official, the gang was helping black money hoarders to exchange old notes for a commission of 20 to 30 per cent.

By: Express New Service | Chennai | Published:December 1, 2016 5:27 am

In a joint operation by Tamil Nadu Police and  I-T Department, three people were arrested and Rs 1.3 crore in new Rs 2000 notes were seized from a private college campus in Coimbatore, following tip-offs of an illegal currency exchange racket. The college authorities had allowed people to withdraw money from their campus ATMs.

According to a senior I-T official, the gang was helping black money hoarders to exchange old notes for a commission of 20 to 30 per cent. A senior IT official said the accused were operating the illegal currency exchange with the help of top officials of two private sector banks in Coimbatore.

For all the latest India News, download Indian Express App

    Live Cricket Scores & Results
    Express Adda