Rs 1 crore in old Rs 500 notes seized by cops

VISAKHAPATNAM: PM Palem police seized Rs 1 crore in banned Rs 500 denomination from two persons driving a Bolero during a routine vehicular check at Yendada Junction on Tuesday night.
Madhurawada ACP B Nageswara Rao told media persons that the Bolero was coming from Keonjhar in Odisha and proceeding to Polavaram in East Godavari district. The driver and manager Pratap Kumar and Venkatapathi who were in the vehicle claimed that they were employees of Triveni Earth Movers, which is reportedly carrying out works at Polavaram project.They were taking the cash to pay wages to the employees of the company and disburse medical bills, the claimed.
Even though the two produced the relevant documents and authorisation letters, the income tax authorities want to further investigate. The two accused, the vehicle and the currency have been handed over to the IT department, sources said.