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As deadline for NRIs nears, rackets rack up

As deadline for NRIs nears, rackets rack up

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With the March 31 deadline for Non-Resident Indians to exchange demonetised currency notes approaching, there has been a sudden spurt in illegal currency exchange rackets in the city. In the last week alone, Central Crime Branch officials cracked down on three scams, arrested seven people and seized ₹8 crore from people attempting to exchange their hoarded cache of old ₹1,000 and ₹500 notes. The arrested were either trying to rope in NRIs or use chartered accountants to get rid of their old currency, a senior police officer said. In the most recent case, CCB officials on Tuesday arrested a 46-year-old man on Bull Temple Road, Shankarapuram, who was carrying old notes worth ₹3 crore. The accused, Nanjunada Malegowda, 46, a resident of Shantinagar, was waiting for his contact to exchan
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