Mangaluru, Dec 8: Three persons have been arrested by the Puttur police for allegedly involving in currency exchange racket. Rs 18.8 lakh cash including 168 notes in Rs 2,000 denomination have has also been recovered from the trio.
According to the police, on a tip-off, a team, led by Puttur Town Police Inspector Mahesh Prasad, stopped a car in which the cash was being taken.
Jaffer Sharief (28), Nazeer (25) and Mohammed Iqbal (26), who are from Kalladaka in Bantwal, failed to explain the source of the cash they were carrying.
As per section 102 of the Criminal Procedure Code, the police seized the cash. The three were arrested for criminal conspiracy and produced before a local magistrate, who remanded the accused in judicial custody.
Superintendent of Police Bhushan Gulabrao Borase said that the three accused persons were in Puttur town for the last few days offering to exchange old Rs. 500 and Rs. 1,000 notes for new ones at 20 per cent commission. On Wednesday, the accused were on their way to meet a person who wanted to exchange old notes.
Mr. Borase said that apart from the new Rs. 2,000 notes, they also recovered notes in Rs. 100 and Rs. 50 denomination also from the accused. The notes were not in sequence and seemed to have been collected since November 8.
He said that the police will investigate the source of such a large amount of cash.
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