The fight against corruption and fake notes seems to be progressing after PM Narendra Modi demonetized the ₹500 and ₹1000 denomination notes on November 8. It appears to have a positive impact on Visakhapatnam as well.
On the New Year, Sunday, 1 January 2017, the city police caught three people who were supposedly offering new notes in exchange for demonetised currency on a commission. Dr Anne Sireesh, an orthopaedic surgeon, and his associates M Surya Prasad Reddy and B Srinivasa Rao were allegedly running this illegal operation.
Acting on a tip-off, ACP Chittibabu stated that his team carried out a raid at flat No. 401, Sri Pavan Apartment in Shankarmattam Road. The triad, Dr Anne Sireesh and his associates M Surya Prasad Reddy and B Srinivasa Rao, were arrested. The police seized Rs 47 lakh (Rs 46 lakh in Rs 2,000 denomination and Rs 1 lakh in Rs 100 denomination).
“Dr Sireesh was offering the money in valid currency for the demonetised notes for a commission of about 30 per cent,” the ACP said. Earlier Dr Sireesh had exchanged Rs 40 lakh in old currency with new notes. He also said that the Income Tax Department was looking into the matter.
Feature Image Credit: Financial Times/Ingram Pinn