7 members including 3 women held over possession of demonetized notes worth Rs 2 crore

Seven members including three women were arrested by the Task Force officials on Tuesday over possession of demonetized notes worth Rs 2 crore in Vijayawada.

Police officials conducted raids on a house of Nageswara Rao and nabbed him along with others after tracking them down.

The seized cash belongs to Jayachandran, a Chennai-based realtor who planned to exchange the old currency worth Rs 5 crore. He eventually decided to convert Rs 3 crore and took help from Nageswara Rao but was duped with fake currency notes.

Following this, he approached Ramesh Jain in Chennai to exchange the remaining demonetized notes.

A Case has been filed against the accused under Section 7 of Cessation of Liabilities Act 2017 and IPC 406, 420, 120 (B).