Unaccounted cash worth Rs 4.4 lakh in new notes seized in Andhra Pradesh

Unaccounted cash worth Rs 4.4 lakh in new notes seized in Andhra Pradesh
Police suspect that the cash, stashed in a bag, was supposed to be handed over some persons who wanted it in exchange for old Rs 500 and Rs 1,000 notes. Image Source: Reuters
Written By: PTI
Updated: Sat, Dec 17, 2016
01:31 pm
Machilipatnam , PTI
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Unaccounted cash worth Rs 4.4 lakh in new currency notes of Rs 2,000 was seized on Saturday from Krishna district of Andhra Pradesh, police said.

The seizure was made in the early hours at Gosaveedu village of Gampalagudem Mandal from four persons after they were unable to produce appropriate documents and explain the source of cash, said Gampalagudem Sub Inspector P Siva Rama Krishna.

ALSO READ: I-T department sends 3,000 notices for high bank deposits post notes ban

Police suspect that the cash, stashed in a bag, was supposed to be handed over some persons who wanted it in exchange for old Rs 500 and Rs 1,000 notes.

The four persons, allegedly involved in exchange of money on a commission basis were taken into custody and a case was registered against them.

The case will be reported to the Income Tax department (I-T) for further investigation, police added.

ALSO READ: Demonetisation: I-T dept seizes Rs 2.6 crore in new notes among Rs 13.5 crore from raids at Delhi law firm

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