ALSO READAnti-black money war should go on till poor becomes LS passes bill to tax black money post-demonetisation Maya questions need for demonetisation if Centre wanted to convert black money into white 75% penalty, surcharge on undisclosed income, new black money scheme launched (Roundup) 'Black day' in LS: Opp; Govt says tax measure can't wait
Police today arrested a staffer of a local college for fraudulently transferring Rs 12 lakh of scrapped currency into the accounts of some of his colleagues in the institute.
C L Kanta Rao, who works as correspondent of Gandhiji Mahila Kalasala (college), was apprehended by One Town Police here on the basis of a complaint lodged by two of his colleagues, an official said.
Rao is also a well-known merchant in Vijayawada.
Assistant Commissioner of Police (West) Ramakrishna said Rao tried to convert black money into white and sought to use the college staffers' accounts for the purpose.
Accordingly, Rs 12 lakh in now invalid notes was deposited in different accounts in varying sums without the knowledge of the college staff. Rao then asked the staffers to withdraw the money and give him.
Some of the staffers, fearing they might land in trouble over the dubious transactions, raised a hue and cry.
The One Town Police conducted an investigation following a complaint lodged by two of the staffers and arrested Rao this evening.
"We are investigating further into the case to determine who else is possibly involved in the affairs," the ACP said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)