Police today detained nine persons in Duppada village for allegedly trying to exchange valid bills with scrapped banknotes for a premium and seized Rs 18.7 lakh from them.
"Cash worth Rs 18.7 lakh, most of it in new Rs 2,000 denomination and rest in Rs 100 notes, was recovered from them after police raided a house near Palanuru at Duppada junction," said I Town Circle Inspector P. Sobhan Babu.
Police suspect they belonged to a gang and had arranged the money for exchanging it with another gang for a commission.
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Among them six are residents of Vizianagaram while others hailed from Visakhapatnam.
They were handed over to Income Tax department along with cash for further action.
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