Dr. Sireesh was offering Rs 47 lakh in the valid currency for the demonetized notes for a commission of about 30 percent, the ACP said.
Visakhapatnam: The city police on Sunday caught three persons including an orthopedic surgeon who was allegedly offered valid currency notes for the demonetized currency on commission.
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Police seized nearly Rs 47 lakh (Rs 46 lakh in Rs 2,000 denomination and Rs 1 lakh in Rs 100 denomination) and have arrested Dr. Anne Sireesh, an orthopedic surgeon, and his associates M. Surya Prasad Reddy and B Srinivasa Rao.
ACP Chittibabu said acting on a tip-off, his team carried out a raid at an apartment on the Shankarmattam Road and apprehended the trio.
Dr. Sireesh was offering Rs 47 lakh in valid currency for the demonetized notes for a commission of about 30 percent, the ACP said.
Earlier Dr. Sireesh had exchanged about Rs 40 lakh in old currency with new notes, he said. The Income Tax Department officials were also probing the matter, he said.
During this investigation, the doctor revealed that he had exchanged nearly Rs 40 lakh earlier.
The police are yet to an ascertain how the accused got his hands on the new notes.
Recently in December, the City Task Force (CTF) police has arrested six people, who were allegedly exchanging large amount of money illegally, and seized Rs 12.5 lakh in Rs 2,000 notes and another Rs 6 lakh in the old Rs 1,000 notes.
“The brokers had been charging 25% commission for this illegal exchange and the accused had been procuring such large amounts of new currency notes when banks in the city were facing a severe cash crunch,” ACP Chittibabu recently said.