Mahabubnagar: Telangana police on Thursday arrested three persons, including a postmaster, who was allegedly attempting to convert Rs 12 lakh in demonetized currency belonging to banned CPI (Maoists).
Acting on a tip off that some people were illegally trying to convert old currency, Makhtal police station SHO in Mahabubnagar district raided a post office in Mathangode village and seized of bundles of Rs 500 and 1000 in demonetized currency worth Rs 12 lakh.
After prima facie investigation, the police arrested 3 persons, Trinadha Rao, Siddharth and Satyanarayana Chary, branch postmaster of Manthangode village.
The three accused have been remanded to judicial custody.
Further investigation revealed that postmaster had demanded 30 percent commission for exchanging banned currency, but later agreed to 15 percent.
The seized currency includes 800 notes each of Rs 1000 and 500 denomination.
According to reports, the police are trying to identify members of CPI (Maoist) who handed over cash to the accused.
After demonetisation of Rs 500 and 1000 notes, Telangana DGP had issued instructions to all police units to stay vigilant.
Police was keeping close watch on activities of Maoists and their possible attempt to deposit money into the accounts of sympathisers and activists of their frontal organisations or even in the accounts of common villagers.