In the South Kannada district of Karnataka, police apprehended three people and confiscated Rs 1.92 crore in demonetized currency notes. Zabeer, Hammabba, and Deepak Kumar, all Mangaluru residents, have been named as the suspects. Deepak Kumar ran an electrical contracting firm, and Zabeer and Hammabba worked as drivers.
The suspects were apprehended on a tip-off while smuggling cash notes of denominations of Rs 500 and Rs 1,000 in a multi-utility vehicle, according to Manguluru Commissioner of Police N. Shashi Kumar. According to preliminary investigations, the money was brought from the districts of Chitradurga and Shivamogga. The defendants were redistributing the funds at a 20percent discount from their original value.
According to the accused, some banks would take the denominated currency for 50percent of its face value. The Specified Bank Notes (Cessation of Liabilities) Act, 2017, has been used to charge the defendants. A person in possession of denominated currency notes faces a fine of Rs 50,000 and could be penalised five times the amount of denominated currency, according to Shashi Kumar.
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