Kasargod : Gang of 5 arrested for exchanging demonetized currency on commission basis

Mangalore Today News Network

 Kasargod, Nov 19,2016 :  Kasargod Police have arrested  five persons  who were reportedly exchanging  the demonetized 500 and 1000 notes for new notes on commission basis. A cash of Rs 6 lakhs and a car has been seized from the accused.

Those arrested are  P Harris (39), P Nisar (42), M Naushad (39), C H Siddique (39) and Mohammed Rafiq (30). Sources  revealed that the gang used to provide  new notes worth Rs 7 lakh in exchange for old notes worth Rs 10 lakhs.

It is still not clear how the gang used to  exchange the old notes through banks as banks  have fixed a limit for exchange of old notes.

The arrested include a trader from Kanhangad  who had reportedly provided new notes to the accused.

Investigations are underway to find if there was the involvement of any bank personnel in this case.