Telangana Police have seized demonetised currency notes with a face value of Rs 1.38 crore during a vehicle check in Kazipet, Hanamkonda district. Eight people were arrested in connection with the seizure, which included old Rs 500 and Rs 1,000 notes that were discontinued after the demonetisation in 2016.
The seizure was made during vehicle checks near the Kazipet Crossroads on Friday, September 18. A team of police officers led by Kazipet Inspector Jakkula Shyam Sundar was called to the car and searched it. During the inspection, officers discovered large quantities of the withdrawn currency notes, they said.
Police said the seized demonetised notes had a face value of Rs 1,38,50,000. Besides the old currency, officers also found Rs 6,000 in valid cash, 10 mobile phones, and the car used by the group.
The accused are believed to have used the old currency notes to fool people, investigators said. Police believe that the group wanted to show the withdrawn notes and receive genuine, valid currency from people for them. The details of the operation are still under investigation.
🚨 Demonetised notes worth Rs 1.38 crore seized in Telangana pic.twitter.com/SNmULSX9cU
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The eight accused were arrested and cases have been registered against them. They were remanded, while police were investigating the case to find out if other people were involved.
The latest incident highlights the existence of demonetised currency a long time after the Rs 500 and Rs 1,000 notes were banned. The Rs 500 and Rs 2,000 notes stopped being used as valid currency notes after the 2016 demonetisation.
The seizure also serves as a reminder that old currency notes can be used in fraudulent schemes if people are persuaded to exchange them for valid money. Police are investigating the reasons why such a large quantity of withdrawn currency and the plan to circulate it are being investigated.
Authorities are also investigating whether the eight individuals arrested were acting alone or as part of a larger network.
The case was reported after the vehicle check near Kazipet led police to the large currency seizure. The recovered notes and other items seized are part of the investigation.
