Vijayawada: The Andhra Pradesh police have arrested a gang of 17 people including a woman and seized Rs 6,80,000 from them for allegedly exchanging banned currency on commission basis for new currency.
A sting operation was conducted along with a TV Channel which lead to the busting of the gang.
Vijayawada Police Commissioner said last evening, the accused belong to different places in Guntur, West Godavari and Krishna districts who persuaded some merchants from Eluru.
He said the accused were trying to exchange the currency for 18 to 20 percent commission.
He also said that seven merchants gave Rs 6.8 lakh to the gang for exchange.
He added that the police are trying to find out the role of bankers, if any.