The city police shot dead Sukhwind Singh (40) of Faridkot in Punjab, who was involved in the exchange of old demonetised currency notes, on Hinkal Ring Road on Thursday.
Vijayanagar police inspector B G Kumar opened fire at the accused when he attacked the inspector, assistant sub-inspector Venkatesh and head constable Veerabhadraswamy.
The inspector, who received information about the exchange of banned notes worth Rs 500 crore, surrounded the car that was parked on the ring road, along with his team. Soon, Singh, who alighted from the car, pushed the inspector, assaulted the ASI and the head constable. Singh tried to open fire at the Police. The inspector opened fired at him in self-defence. Singh died on the spot as the bullet passed through his lungs.
Two other accused escaped unhurt with the vehicle. The injured ASI and the head constable are undergoing treatment.
City Police Commissioner K T Balakrishna said the person was involved in exchanging demonetised Rs 500 and Rs 1,000 notes. "The inspector, who received the information, reached the spot with four personnel. On seeing the police, Singh attacked them with a gun. With no option left, the inspector opened fire," he said.
The investigation of the shootout case will be taken up as per the guidelines of the National Human Rights Commission and Supreme Court, he added.
According to sources, Singh and the gang had cheated a city-based person of Rs 10 lakh. The victim alerted the police about the mafia. Singh had flown from Kozhikode in Kerala to Bengaluru before reaching Mysuru on Wednesday. He had stayed in a private hotel. On Thursday, the cheated person managed to bring the gang near Hinkal Ring Road, where the police rounded them up.