The PM Palem Police during a routine checking of vehicles at Yendada Junction seized old currency to the tune of about Rs. 1 crore that was being transported in a jeep late on Tuesday night.
According to Madhurawada ACP B. Nageswara Rao, the vehicle was coming from Keonjhar district in Odisha and proceeding to Polavaram.
Both the vehicle and cash belonged to an Odisha-based company Triveni Earth Movers and the currency notes were in old Rs. 500 denomination.
The driver and the manager, who was in the vehicle had reportedly produced the relevant documents and authorisation letters, but the Income Tax authorities who reached the spot wanted to further investigate.
Seized currency handed over to IT department.
The vehicle and the seized currency have been handed over to the I-T Department.
