Four men were arrested here with demonetised notes of the face value of Rs 3.98 crore, the Bengaluru police said on Tuesday.
"The accused, Nanjunda, 46, Ambrose, 46, and Arif Pasha, 34, from Bengaluru and Felix, 35, from Kerala, were arrested and the old currency notes have been seized from them," Additional Commissioner of Police (Crime) S. Ravi told reporters here.
The four persons were arrested under Section 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017, which entails six-month imprisonment.
"On tip-off, the City Crime Branch (CCB) police arrested the four men and seized a car parked in front of a lodge in southern suburb. The accused had kept the banned notes in the car to exchange for new notes," Ravi said.
On March 23, two men were arrested here with demonetised notes of the face value of Rs 1.28 crore which they were attempting to exchange for new notes.
--IANS
str/sm/vt
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app