Old notes worth 1.2 crore seized
Police sized demonetised currency notes of RS 500 and Rs 1,000 worth Rs 1.2 crore from a Chennai based gang at Karaikudi in Sivagangai district, on Friday. They have picked up six persons, including a DMK functionary, in this regard and are investigating.
Acting on a tip off, a police team raided a private hotel on 100 feet road in Karaikudi. In one of the rooms, the team found four persons in possession of demonetised currency notes of Rs.500 and Rs.1000 worth Rs1.2 crores.
Police seized the notes and took the gang to the Karaikudi North station. Three of the gang members were identified as Arun, Subramanian and Khaja. The gang informed police that the notes belonged to Ramaiah of Karaikudi and they came to hand it over to him.
Police then picked up Ramaiah, who claimed he had asked the gang to hand over the notes to a DMK functionary in Karaikudi, who had promised to exchange the currency with new ones. Following this, the police picked up the DMK functionary and are conducting inquiries. Sources claimed that the DMK functionary was being questioned about the banks and bank officials who were helping him exchange old currency notes. Police are also probing if the DMK functionary had illegally exchanged old currency notes.