Khammam: In yet another incident of possessing fake and banned currency, Khammam police unearthed Rs 500 and Rs 1,000 banned currency worth Rs 100 Crore at Vemsoor Mandal in Marlapadu village on Wednesday.
Kallur village ACP Venkatesh and his team identified the cash-dump as belonging to Madhaar. The latter and his gang have been using the location mainly to hide the fake currency, as the perpetrators belong to Sathupally Mandal, Gowrigudem.
Madhaar has coped to the fact that they possessed around Rs 100 crore in banned currency. They arranged it in the way of an enormous dump where they put the banned currency at the top and bottom and stuffed draft papers in between to cheat potential victims.
They also rented a room at Marlapadu village, which lies between Andhra Pradesh and Telangana, for performing finance-related activities. However, they continued their illegal activities, including the exchange of old currency. Madhaar chose the place due to the ease of actively pursuing their illicit activities.
ACP Venkatesh and his team held Madhaar and his associates for the illegal activities. Police identified the other members of Madhaar’s group as Venkatanarayana and Kota Hanumanth Rao from Chaudavaram village, Vemsoor Mandal. Two more from Gandugulapalli village in Dammapeta Mandal are involved in the activity.
Three years have passed since demonetisation, which made the old Rs 500 and Rs 1,000 notes invalid. However, even though possessing the banned notes is illegal, the act itself is quite widespread, as people like Madhaar are actively committing such crimes.