Police handed over the cash to the income tax department for further investigation.
Police in Telangana and Andhra Pradesh Sunday seized over Rs 32 lakh in new currency notes of Rs 2,000 in two separate incidents and arrested 14 people.
In the first incident, police seized new notes of Rs 16 lakh at Ramayampet in Medak district of Telangana. The money was recovered from a car during vehicle checking in the town.
The driver and another person accompanying him told police that they were carrying the cash to Toopran near Hyderabad for handing it over to a man for purchase of a piece of land.
Police handed over the cash to the income tax department for further investigation.
In another incident in Vijayawada, police busted a gang involved in exchanging demonetised currency notes and seized over Rs 18 lakh, majority of it in new currency notes of Rs 2,000.
The 12-member gang was exchanging the scrapped notes of Rs 1,000 and Rs 500 with new currency for commission.
Police said an amount of Rs 18.48 lakh was seized from the arrested men. This includes Rs 16.88 lakh in new notes of Rs 2,000.
On Saturday, the CBI had recovered Rs 70 lakh in new currency near Hyderabad during raids on relatives of a postal official who was earlier arrested for allegedly being involved in fraudulent exchange of new currency notes.
Also Read: CBI recovers new currency notes worth Rs 70 lakh after raids in Hyderabad
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