After the Demonetisation move on November 8, hoards of unaccounted cash has been seized by the police in different areas of the Country. On Saturday, Police seized unaccounted cash of worth Rs. 4.4 lakhs in the new denomination of Rs. 2000 notes at Gampalagudem of Krishna district of Andhra Pradesh.
The Sub Inspector of Gampalagudem, P.Siva Rama Krishna said, “This seize was made in the early hours at Gosaveedu village of Gampalagudem Mandal from four persons. When asked for papers, they were unable to produce (the) required documents or explain the source of cash.”
The police suspect that the amount, which was stashed in a bag, was supposed to be handed over to someone, for the exchange of old Demonetised, Rs. 500, and Rs. 1000 notes. They suspect that the four caught were part of a money laundering operation. The accused were allegedly part of a racket, that exchanged Demonetised notes with the new currency for a commission. The four have been taken into custody and a FIR was written and a case has been registered on them.
The police said, the four will be handed over to Income Tax Department, who will take over the case.
