Hyderabad: The Central Zone Task Force nabbed a three-member gang on a charge of trying to exchange demonetised currency notes at Moosarambagh on Saturday.
The police claimed to have seized Rs 28.50 lakh scrapped currency notes from three persons, N Kishore, 28, a farmer from Khammam, B Venkatesh, 35, a private employee from Moula Ali, and Rajinikanth, 34, an electrician from Lal Darwaza.
According to the police, Kishore, a Bcom student, who was facing financial constraints, had started exchanging demonetised currency with new currency on a commission basis.
On August 31, he collected Rs 28.50 lakh in demonetised currency notes from his friends Srinivas and Ujwal. He was trying to exchange it on a commission basis.
The three, on Saturday evening, had gathered in Flat No. 201, Vaijayanthi Inn Plaza, above Suprabath Hotel in Moosarambagh with the demonetised currency.
They were waiting for a party for exchanging the currency, when Task Force officials raided the flat and arrested them
The arrested persons and the seized currency were handed over to the Malakpet police for further investigation.