Karnataka: Demonetised currency notes worth Rs 2 crore seized, 3 arrested

The arrested were identified as Zubair Hammabba (52), Abdul Nasir (40) and Deepak Kumar (32), all residents of Mangaluru city. While Zubair and Abdul are drivers, Deepak assists his father, who is an electrical contractor.

The probe revealed that the accused had procured the notes from a person in Shivamogga and Chitradurga district and were offering these notes at 20 per cent of their face value. The accused claimed that the banks were still accepting the notes at 50 per cent of the face value under a special provision.

The accused have been booked under IPC Section 420 and various provisions of Specified Bank Notes (Cessation of Liabilities) Act-2017.

It is the second incident within a month where demonetized currency notes have been seized in Karnataka. In October last week, Bengaluru Police busted an inter-state gang to seize nearly Rs 6 crore photocopies of banned notes of Rs 500 and Rs 1,000. Rs 80 lakh was seized in Bengaluru and five persons were arrested. A follow up resulted in seizing Rs 5 crore which was printed and stuffed in 24 sacks ready to be dispatched. The probe revealed that the accused were trying to sell it for commission in similar modus operandi.