Two more held in money laundering case

CHENNAI: Two more people were arrested on Monday in connection with the

money laundering

case in which police arrested seven people on Sunday night.

Police picked up five

bank employees

and two mediators on Sunday. Lokeshwara Rao and Elangovan, employees of two banks, were in the process of exchanging old currency notes for new ones for a commission. They had taken old notes from a few customers without proper documents, promising to replace them with new ones, when they were robbed of Rs 25 lakh at knife point.

The seven people who were arrested on Sunday had told police about the involvement of two more mediators. Based on the tip-off, police arrested the two mediators, who were identified as Kishore and Dinesh Babu in Pallavaram and seized Rs 6 lakh from them.

Police is suspecting the presence of a DMK functionary behind the racket and are investigating. They also suspect the involvement of five more people. Police are yet to nab the two men who had robbed the bank employees.