Police have arrested seven members of a currency exchange gang and seized Rs 8.20 lakh in valid notes from them, a senior official said on Monday. The gang was allegedly involved in exchanging banned notes on commission basis for valid currencies in Peddapalli district, he said.
Acting on a tip-off about the gang, a Police Sub-Inspector, G Vijender, was sent as a decoy customer looking to exchange old notes worth Rs 11.50 lakh for new ones to one of its members, Poorna Chandra Sekhar, said K Vijayender Reddy, Deputy Commissioner of Police at a press meet in Peddapalli.
Sekhar promised Vijender to give valid notes of Rs 8.20 lakh in exchange of banned currencies of Rs 11.50 lakh and asked him come to Peddapalli railway station to complete the deal, he said.
The moment Sekhar and six of his gang members reached the spot, they were apprehended last evening, Reddy said, adding the police seized Rs 8.20 lakh in valid notes and some mobile phones from them.