Bengaluru, March 28 (IANS) Four men were arrested here with demonetised notes of the face value of Rs 3.98 crore, the Bengaluru police said on Tuesday.
“The accused, Nanjunda, 46, Ambrose, 46, and Arif Pasha, 34, from Bengaluru and Felix, 35, from Kerala, were arrested and the old currency notes have been seized from them,” Additional Commissioner of Police (Crime) S. Ravi told reporters here.
The four persons were arrested under Section 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017, which entails six-month imprisonment.
“On tip-off, the City Crime Branch (CCB) police arrested the four men and seized a car parked in front of a lodge in southern suburb. The accused had kept the banned notes in the car to exchange for new notes,” Ravi said.
On March 23, two men were arrested here with demonetised notes of the face value of Rs 1.28 crore which they were attempting to exchange for new notes.