7 arrested for converting old notes into new, Rs 93 lakh in Rs 2,000 notes found

Highlights

Seven arrested for converting demonetised notes into Rs 2,000 notes.

Rs 93 lakh in new currency was found with the middlemen.

Seven people, including a hawala operator, were arrested in Bengaluru today as part of a racket that converted black money in banned Rs 500 and Rs 1000 notes into the new Rs 2000 currency notes.

Rs 93 lakh in new currency was found with the middlemen after multiple government agencies raided them.

One of the arrested has been identified as KV Virendra, who is believed to be running a casino in Goa.

The CBI has also registered cases against the officials of four Karnataka banks - State Bank of India, State Bank of Mysore, ICICI Bank and Kotak Mahindra Bank - on charges of converting old notes with Rs 2000 notes.

The seven accused are reported to be charging 15 to 35 per cent commission for their work from black money hoarders.

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