A Visakhapatnam-based gang of five persons have been arrested in Kakinada city in East Godavari district on Monday evening for allegedly offering commission to an individual as part of their deal of exchanging ₹2,000 denomination notes against ₹500 currency notes.
The Kakinada city police (Sarpavaram circle) have swung into action after they received a complaint from Kakinada-based Ch. Naga Prasad, whom the gang has reportedly offered ₹10 lakh commission if he would give them ₹500 denomination notes worth of ₹90 lakh in exchange of ₹2000 notes worth of one crore rupees.
Sarpavaram Circle Inspector R. Govindra Raju told The Hindu: “The Visakhapatnam-based gang has been taken into custody on Monday evening when they arrived the Kakinada city to execute their deal. The cheating case has been registered against them.”
Four among the five persons belong to Visakhapatnam city and identified as B. Venkata Sudhakar, T. Raja Ravisankar, K. Narasinga Reddy, K. Kondababu. One person, N. Surya Subramanya Sarma, is a native of Kakinada. The police produced the gang before a local court on Tuesday and investigation is on.
