Visakhapatnam: Seven employees of a company, which loads cash in 128 ATMs of several banks here, were on Thursday arrested for allegedly pilfering about Rs74 lakh in Rs100 and Rs2,000 denominations for converting black money into white at a commission. His questioning led to discovery of the racket, police said. DCP Navin Gulati said after the demonetisation, when demand for Rs100 and the newly introduced Rs2,000 notes increased, they pilfered Rs74 lakh in Rs100 and Rs2,000, meant for loading in ATMs. About Rs39 lakh of this amount was swapped for the defunct Rs500 and Rs1,000 notes at 25% commission. The three others arrested are S. Mahesh Babu, B. Satish Kumar and V. Kesava, who allegedly scouted for customers in need of Rs100 and Rs2,000 notes to convert the black money hoarded in defunct notes, police said.

Source: Mint November 24, 2016 14:36 UTC