Bengaluru: Four persons were arrested for possessing demonetised currency notes worth Rs 1 crore and allegedly attempting to exchange them for new notes, said police on Tuesday.
"On a tip-off, the City Crime Branch arrested the accused and seized the banned notes kept in a vehicle near Mayo hall to exchange for new notes," Deputy Commissioner of Police Chandra Gupta told reporters here.
A case has been registered against the accused -- Lakshmipathi, Kantharaja Gowda, Byappa Reddy and Shyam -- for holding the banned notes under Section 41(D), 102 and 420 of the Indian Penal Code (IPC) and Section 7 of the Specified Bank Notes (Cessation of Liabilities) Act 2017.
All the accused are aged between 25 to 35.'
"We have also seized the vehicle in which the illegal cash was stashed and four mobiles from the accused. We are on the lookout for the fifth accused - Rajeev Gupta, who is at large," said Gupta.
The government had demonetised old currency notes of Rs 1,000 and Rs 500 denomination on November 8, 2016 but allowed the people to exchange them in banks for new notes up to December 31.