Two held with demonetised currency

Hyderabad: The Central Zone Task Force arrested two persons with demonetised currency notes worth Rs 41 lakh on Sunday. 

The arrested men are Parcha Kiran Kumar, 33, a civil contractor from Banjara Hills and Rapolu Praveen Raj, 46, an electrician from Serilingampally. 

“The two were in the real estate business. Both Kiran and Praveen got huge payments from customers within a short period and could not exchange their old currency in the time given by the government. Subsequently, Rs 36 lakh remained with Kiran and Rs 5 lakh with Praveen Raj. 

Meanwhile, Praveen contacted an unknown person in Hyderabad for exchanging the old demonetised currency. 

Finally, a deal was struck between Praveen and the person with a commission of 40 per cent and as per their plan, on Saturday the two came near Sujatha Primary School on  Chapel Road in Hyderabad along with the old currency and were waiting for the agent when police nabbed them,” said Task Force DCP B. Limba Reddy.  

The arrested men and the seized notes were handed over to Abid Road police for investigation. 

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