K’taka police seize Rs 1.92 crore demonitised currency, 3 held

Dakshina Kannada, Karnataka, Nov 20, : .Three people were arrested by the Karnataka Police and Rs 1.

92 Crore of demonitised currency bills in Dakshina Kannada DistrictDeepak Kumar and Hammabba, all Mangaluru residents, were identified as the accused.Deepak Kumar worked in the electrical contracting industry, while Hammabba and Zabeer were drivers.N.Shashi Kumar (Manguluru Commissioner for Police) said that the suspects were taken into police custody after they transported currency notes in denominations of Rs 500 or Rs 1000 inside a vehicle multi-utility.Initial investigations revealed that money had been brought to Chitradurga from Shivamogga.

These money were given by the accused at 20% of its original value.According to the accused, the currency would be accepted by some banks for 50% of its face value.

The Specified Bank Notes Act (Cessation of Liabilities Act) has been used to charge the accused.Shashi Kumar said that anyone who has denominated currencies notes in his possession is subject to a Rs 50k fine and can be penalized with five times the amount of denominated currency.

Police are continuing to investigate where and from whom the denominated currency note was intended.According to the police, they will continue investigating this matter.

Commissioner Shashikumar advised the public not to have or fall pray people trying to sell denominated currencies by telling them that they would be exchanging in banks.mka/khz #Ktaka #seize #crore #currency #Bangalore #Kannada #Bengaluru .