Visakhapatnam: Three cops involved in currency exchange case

Visakhapatnam: Two retired naval officers were threatened by a Reserve Inspector of City Armed Reserve and later extorted about Rs 15 lakh from them. Briefing the details here on Friday, City Police Commissioner CM Thrivikrama Varma said the complaint was proved to be true during investigation, a case was registered against three police personnel for their involvement in the case.

He stated that every individual is equal before the law. The CP warned that whoever commits a crime will not be spared. According to the CP, two retired naval officers K Srinivas and Sridhar from Visakhapatnam made an agreement to exchange Rs 500 notes worth Rs 90 lakh and receive Rs 2,000 notes worth Rs.1 crore in exchange through a mediator Suri Babu.

As per the pre-arranged agreement, the retired officers were waiting at the NRI hospital at 6 pm on Wednesday to exchange the cash as agreed. Home guard Srinivasa Rao and constable M Hema Sundar are in touch with mediator Suri. He told them about this deal and called them there to threaten the retired naval offices. They boarded the retired officers’ car, checked the cash bag and started interrogation with the retired officers.

Meanwhile, the home guard asked the retired persons how they got a huge amount of cash and threatened them to leave the cash in the car itself. Home guards said if they have to complain to the Income Tax authorities, the entire cash would be seized. They created a fear among the retired personnel that B Swarna Latha, a woman Reserve Inspector, was there in another vehicle and she would take stringent action against them.

They travelled to Madhavadhara in the victims’ car and got into a settlement there. The settlement included Rs 5 lakh to the mediator Suri, Rs 5 lakh to the Reserve Inspector, Rs 10,000 to the constable and Rs 2 lakh to home guard.

The next day, the two retired officers lodged a complaint with Visakhapatnam DCP. Based on the complaint, Police Commissioner Thrivikrama Varma conducted an inquiry and arrested the accused. DCP-1 Vidyasagar Naidu and Crime DCP G Naganna were present at the conference held on Friday.

A Reserve Inspector, a constable, a home guard and a mediator were taken into custody and booked under various sections including, 341, 386, 384 and 506. The CP said cash also recovered from the accused.