Demonetized notes worth Rs 66 lakh seized in Hyderabad

[TampaChinnodu]

Hyderabad: The Central Zone Task Force nabbed a four-member gang on charges of illegal possession and exchange of demonetised Indian currency near Marriott Hotel in Gandhi Nagar here on Monday.

They were trying to exchange the demonetised Rs 500 and Rs 1,000 notes with valid currency with agents on a commission basis. Officials seized Rs 66 lakh of demonetised notes from them.

 

The suspects were identified as B Vasu, 40, a realtor from Uppal; N Nagaraju, 36, an employee of State Bank of India in Secunderabad; C Srinivas, 40, an auto consultant from Chikkadpally and M Balakrishna, 39, an electrician from Uppal.

According to the police, Vasu had got huge payments from his customers and well-wishers just before demonetisation was announced. Fearing raids by the Income Tax department, he did not deposit the old currency in the bank. He kept Rs 66 lakh with him and was trying to exchange it.

He contacted the other suspects and sought their help in exchanging the old currency. Since then, they had been trying to exchange it with the help of agents.

“During this process, they contacted one party, who assured them to exchange the old currency with the new ones. The deal was made on a 10 per cent commission basis,” police said.

As per their plan, on Monday, Vasu, along with other suspects came near BN Wines beside Marriott Hotel with the cash and were waiting for the party when they were nabbed by the Task Force.

The gang along with the seized cash were handed over to the Gandhi Nagar police for further action.

[TampaChinnodu]

inka kooda exchange sesukune chance vunda ? May be RBI lo contacts vunte seyyochu emo