Sun, Dec 11, 2016 | updated 05:49 AM IST

Andhra Pradesh: Currency exchange gang busted, old and new notes seized

Updated: Nov 22, 2016 08:53 IST
Vijaywada (Andhra Pradesh)[India], Nov. 22 (ANI): The Andhra Pradesh police have arrested a gang of 17 people including a woman and seized 6 lakh 80 thousands rupees from them for allegedly exchanging banned currency on commission basis for new currency.

A sting operation was conducted along with a TV Channel which lead to the busting of the gang.

Vijayawada Police Commissioner said last evening, the accused belong to different places in Guntur, West Godavari and Krishna districts who persuaded some merchants from Eluru.

He said, the accused were trying to exchange the currency for 18 to 20 per cent commission.

He also said that seven merchants gave 6.8 lakh rupees to the gang for exchange. He said, the police are trying to find out the role of bankers, if any. (ANI)