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.
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