Four held with banned notes of Rs 3.98 cr face value in Bengaluru

Bengaluru March 28 (IANS) Four men were arrested here with demonetised notes of the face value of Rs 3.98 crore the Bengaluru police said on Tuesday.

The accused Nanjunda 46 Ambrose 46 and Arif Pasha 34 from Bengaluru and Felix 35 from Kerala were arrested and the old currency notes have been seized from them Additional Commissioner of Police (Crime) S. Ravi told reporters here.

The four persons were arrested under Section 7 of the Specified Bank Notes (Cessation of Liabilities) Act 2017 which entails six-month imprisonment.

On tip-off the City Crime Branch (CCB) police arrested the four men and seized a car parked in front of a lodge in southern suburb. The accused had kept the banned notes in the car to exchange for new notes Ravi said.

On March 23 two men were arrested here with demonetised notes of the face value of Rs 1.28 crore which they were attempting to exchange for new notes.

--IANS
str/sm/vt