Demonetized Currency Worth ₹1.38 Crore Intercepted in Kazipet; 8 Held, Inter-State Racket Suspected
In a major breakthrough against illegal currency circulation networks, the Kazipet police, in coordination with the local Task Force, intercepted a vehicle and seized banned currency notes totaling ₹1,38,50,000.
Kazipet : In a major breakthrough against illegal currency circulation networks, the Kazipet police, in coordination with the local Task Force, intercepted a vehicle and seized banned currency notes totaling ₹1,38,50,000.
Acting on credible intelligence under the directive of Police Commissioner N. Swetha, IPS, a special enforcement team led by Kazipet ACP P. Prashanth Reddy and Inspector J. Shyam Sunder intercepted the car during a vehicular check within the Kazipet limits.
The three occupants were taken into custody after failing to account for the substantial stash of scrapped 2016 banknotes concealed in bundles inside the vehicle; officers also impounded the car, 10 mobile phones used for operational logistics, and ₹6,000 in valid currency.
Preliminary investigations suggest the consignment was routed via Kazipet for off-market liquidation across commercial centers in Warangal, Hyderabad, and Chennai, prompting ongoing manhunts for an absconding Chennai-based syndicate operative, M. S. Riyaz, currently believed to be operating out of Hyderabad, as police register a case to trace the original source and intended recipients of the demonetized cache.
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