Bengaluru: Police arrests five men for printing demonetized currency; seize notes worth Rs 5.80 crore

Bengaluru: Five persons were arrested on Tuesday for allegedly printing currency notes of Rs 500 and Rs 100 and Rs 5.80 crore notes were seized.

The arrested accused have been identified as  Sureshkumar (32) a resident of KR Puram, and Ramakrishna (32), a resident of Rajajinagar, both of them are cloth merchants, Manjunath (43), a resident of Anekal and Dayanand (45), a resident of Hongasandra, both are farmers and Venkatesh (53), a resident of Hongasandra who is a BBMP sub contractor.

The main accused who is said to be the kingpin of the gang is still absconding.

East division police in Bengaluru claim that the accused were members of an inter-state gang, while Rs 80 lakh were seized from Bengaluru, Rs 5 crore was seized from Kasaragod in Kerala.

A case has been registered and further investigations are underway.