Varanasi: 3 arrested with demonetised notes worth Rs 14 lakh

Varansai police seized demonetised notes worth Rs14 lakh on Wednesday. Three people have been arrested by the Chetganj police and were identified as Ritesh Keshari, Rakesh Thawani and Pankaj Sarawagi. 

All the three arrested are traders and exchanged the old notes with the new ones charging 12% commission of the entire share. The police seized notes of 500 denomination which are out of circulation after the demonetisation. 

The Circle officer of Chetganj Satyendra Tiwari said that they acted on a tip off and nabbed them in Girijaghar area on Tuesday night. He also added that the three arrested have confessed to their involvement in exchanging demonetised notes. Out of the three arrested Ritesh Keshari owns a shop where he was offering to exchange old currency notes with the new ones. 

A case has been registered under sections 411 (dishonestly receiving stolen property), 413 (habitually dealing in stolen property), 414 (assisting in concealment of stolen property) and 420 (cheating and dishonestly inducing delivery of property) of IPC and sections 5,6, and 7 of Specified Bank Notes (Cessation of Liabilities) Act, 2017, against the accused. 

14 months after the Rs 500 and Rs 1000 notes were discontinued, arrests and seizure of old notes have not stopped. 

Kanpur police arrested 16 people and seized over Rs 96 crore in demonetised currency notes earlier this month. The biggest seizure since the old currency notes were banned in 2016 by Prime Minister Narendra Modi.