Nandyal: Two cheaters held, Rs 30 lakh recovered

Nandyal: The Nandyal rural and urban police arrested two persons on the charges of cheating and recovered Rs 30 lakh from their possession.

Producing the accused before media at Nandyal taluka police station here on Monday, circle inspector (urban) M Dastagiri Babu said that around seven persons, of Visakhapatnam and Srikakulam districts after forming a gang had cheated six persons of Rythu Nagaram in Nandyal district.

He said that in July, the seven persons contacted one Srinivasa Reddy of Nunepalli and told him that as the Central government had banned Rs 2,000 denomination notes, they were looking for ways to dispose of huge amount of cash in the Rs 2,000 notes. The gang offered the victim to exchange Rs 2,000 notes for Rs 500 notes with 15 per cent commission.

Srinivasa Reddy and five others gave Rs 2.20 crore in Rs 500 notes for the sake of 15 per cent commission to the seven-member gang. After taking the amount from victims, the gang members neither gave the Rs 2,000 notes nor returned the amount paid by the victims.

One of the victims Srinivasa Reddy lodged a complaint on July 22 on the cheating to Nandyal taluka police. The police after registering a case took up investigation, the CI said.

During the course of investigation, two persons, Tenkayala Shoban Babu and Kancharna China Babu, have been arrested initially and Rs 70 lakh loot was recovered from their possession.

In the latest development, on November 12, Sunday, two more members of the gang, Amit Reddy and Loknath, were arrested and Rs 30 lakh cash was seized. With this, altogether Rs 1 crore has been recovered from the accused.

Three more persons connected with the case are yet to be arrested and the remaining balance amount is to be recovered. The two arrested accused would be sent to remand, said CI (urban)Dastagiri Babu.

Taluka police station circle inspector (rural) Ravindra and other police persons also participated in the press conference.