Demonetised Turkish currency notes exchange racket busted, 2 arrested

VISAKHAPATNAM: Police have busted a fake Turkish currency racket and sale of coloured gemstones in the city with the arrest of six persons in separate cases. In the first case, two persons were arrested, while allegedly trying to sell demonetised Turkish currency notes claiming that they are genuine. The accused were identified as L Vimal Kumar (31), a resident of Chittoor district, V Siva Prasad (30) of Vizianagaram district. The police also seized 100 demonetised Turkish Lira. 

Addressing the media persons here on Saturday, SEB ACP Ajitha Vejendla said that accused Vimal Kumar and Siva Prasad were negotiating a deal with a few persons by stating that the demonetised Turkish currency notes were indeed genuine. 

The duo had allegedly procured the currency from some unidentified gang in Chittoor district for `70,000. These bank notes were actually banned since 2005. The duo were negotiating the deal with some persons and trying to sell it for `5 lakh in Indian currency.

“We suspect the accused to be a part of an international currency racket and that they smuggled demonetised banks into India through Hawala.  

In another case, the police arrested four persons, while they were reportedly trying to sell coloured gemstones. The arrested were identified as N Giri Babu (31) of Srikakulam, the kingpin, and mediators, G Sai Krishna (34), S Babu Rao (52) and S Dasavatharam (47).