Cops bust demonetised currency exchange scam, 5 held
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Visakhapatnam: The Sullurupeta police in Tirupati district have apprehended five individuals associated with a gang involved in a fraud relating to the exchange of discontinued Rs 2,000 currency notes.
Law enforcement authorities succeeded in recovering Rs 73.2 lakh in cash from the culprits.
Superintendent of police V Harshavardhan Raju revealed that a local businessman, Jagadeesh, had been defrauded to the tune of Rs one crore. The perpetrators reportedly approached Jagadeesh, asserting they could provide him with Rs two crore in Rs 2,000 denomination notes in exchange for Rs one crore in Rs 500 notes.
When the victim agreed to the transaction, the gang executed their scheme to deceive him.
According to the plan, members of the gang arrived in two SUVs at a predetermined location, where Jagadeesh and his associates were waiting with Rs one crore in Rs500 notes.
One of the accused, masquerading as a personal assistant to the chief conspirator, distracted Jagadeesh's friends under the guise of collecting the Rs2,000 notes. Seizing the opportunity, the gang absconded with Jagadeesh's Rs one crore cash.
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The police subsequently formed a special team to investigate, leading to the arrest of five members of the gang near Bhudhanam Toll Plaza and one in Tirupati.
Authorities recovered Rs73.2 lakh in cash, two SUVs, six bundles of counterfeit Rs2,000 notes, and several mobile phones. Those detained have been identified as Ambati Santosh (37) of Visakhapatnam, Barri Ravi Teja (39) of Odisha, K. Hemakar Rao (45) of Tirupati, Satti Venkata Reddy (41) and Mamidi Uma Mahesh (28) of Visakhapatnam. Another accused, Donthireddy Haribabu Reddy of Bapatla district, remains at large.
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