Trinadha Rao was threatened by Maoists, asked to pay a levy to the outlawed organisation.
Three people including a postmaster in Telangana's Mahbubnagar district have been arrested for trying to exchange banned currency notes, said to belong to Maoists.
In September, Trinadha Rao, a deputy project manager with Gaja Engineering Private Ltd, was allegedly threatened by Maoists in Bhadadri-Kothegudem district of Telangana and asked to pay a levy. The company was involved with infrastructure works in the area. A letter written by Khammam district's top Maoist leader asked him to pay Rs 1.30 lakh on November 12 at a place in Bheemavaram village in Chhattisgarh, police said.
But after the government's surprise announcement banning old Rs 500 and Rs1,000 notes on November 8, Mr Rao failed to arrange the extortion amount in new currency. When he and his assistant Siddharth reached Bheemavaram, three masked Maoists, armed with AK-47s, allegedly refused to take the old currency and pocketed only the amount which was in denominations of Rs 2,000, they alleged.
Instead, the Maoists allegedly gave them two bags containing Rs 12 lakh and asked them to get it converted into new currency. In return, they allegedly offered the duo a share of the money.
Maoists gave two bags containing Rs 12 lakh and asked them to get it converted into new currency.
Mr Rao and his assistant contacted Satyanarayana Chary, a postmaster in Manthangode village in Makhtal mandal of Mahbubnagar district. Mr Chary reportedly agreed to convert the money in three months' time but demanded 30 per cent as share. Finally, a commission of 15 per cent was agreed upon.
Mr Chary's plan was to divert funds sent to his post office for disbursal as old age pensions, physically handicapped persons pensions and NREGS, to make this exchange possible, police said, adding, he would have possibly lied to villagers that new currency was not available for disbursal. Often it is difficult if not impossible for villagers to know whether funds have arrived at the post office or whether ration supplies have arrived at the fair price shop.
"All police units in Telangana had received instructions from the DGP that Maoists may try to deposit money into the accounts of sympathisers, activists of their frontal organisations or in the accounts of villagers by threatening them, in order to legalise their ill-gotten money. We received a tip-off in this regard and worked on the leads we got," said Rema Rajeshwari, Superintendent of Police, Mahbubnagar district.
The three accused have been remanded to judicial custody and Rs 12 lakh seized from them, along with three mobile phones.