Hyderabad gang held with Rs 28.5 lakh demonetised currency

Hyderabad: The Central Zone Task Force nabbed a three-member gang that was allegedly trying to exchange demonetised Indian currency at Moosarambagh on Saturday. About Rs 28.5 lakh demonetised currency was seized from the three persons, who were identified as 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 B.com student facing financial constraints had started exchanging demonetised currency with new currency on a commission basis. On August 31, he collected Rs.28.5 lakh in demonetized currency from his friends Srinivas and Ujwal. He was trying to exchange it on a commission basis.

“He informed the same to his agents Venkatesh and Rajinikanth and asked them to help exchanging the notes. He promised to pay a five per cent commission for the deal,” said B. Limba Reddy, DCP, Task Force.

The three, on Saturday evening, had gathered in Flat No. 201, Vaijayanthi Inn Plaza, above Suprabath Hotel in Moosarambagh with the demonetized 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.

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