The gang members, led by one Chandra alias Raju, included Head Constable Papanna from Kolar district of Karnataka and nine others.
They hatched a conspiracy to commit dacoity on the pretext of exchanging old series of Rs 500 currency notes issued prior to 2005, they said.
"The accused induced people to give their old series of Rs 500 notes and offered them to give double the denomination amount in return," Deputy Superintendent of Police Palamaner (Sub-Division) Y Harinath Reddy told PTI, adding, the accused lured victims over cell phones and asked them to come to a particular place as part of the offer.
The gang members, posing as policemen, robbed them on knife-point, he said.
Following complaints lodged by the victims, police booked separate cases and during course of investigation arrested 11 members from Bangarupalem police station limits of Chittoor district and seized Rs 29.85 lakh in cash, 1 kg fake gold coins, fake police uniforms, iron rods, and knives from them.
The accused were booked under sections 395 (dacoity), 397 (robbery), 420 (cheating) and other relevant sections of IPC, the DSP added.
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
