People held for exchanging old notes

Hyderabad, May 1: Eight people including a charted accountant, who were in the process of Exchanging rupees 4.41 crore demonetised notes, were arrested by the task force detectives at Sriram Nagar colony, Banjara hills on Sunday.

HYD police said that second hand car dealer Mohammed Farooq, rice trader Mir Muzaffar, businessman in pearls Gautam Agarwal, contract employee Surya Prasad, Student Mohammad Siddiqui together had undisclosed money of 4.41 crore, Kalyan and the others had been friends for the past three years.

They got in touch with civil contractor Harinath babu and charted accountant V rajendranath through Gowtham Agarwal.Babu and Rajendranath had promised that they would help exchange old notes at 35 % of the value of old notes



Kalyan nad the others went to Gowtham Agarwal's house at sriram Nagar colony to exchange the notes. For thier part.Harinath and Rajenmdra nath also landed there to collect the old currency. while they were discussinghow to exchnage the notes, we nabed them' said police.

According to him, The charted accountant claimed he knew some persons in RBI and throgh his contacts, he would convert the demonitised notes into legal tender.