3 held for exchanging scraped notes,seized Rs 28.5 lakhs

Hyderabad, Sept 3: The Central Zone task force police have arrested three people and seized demonetized currency notes of Rs 500 & Rs 1000 worth Rs 28.5 lakh from them here on Saturday.

While coming to details, The arrested were identified as N Kishore (28) of Khammam district, B Venkatesh of Moulali and a native of Nalgonda district and Rajnikanth (34) of Laldarwaja at Suprabath Hotel, Moosarambagh when they were trying to exchange the demonetized currency notes on a commission basis with agents.

The accused Kishore was a B Com student and having financial crisis. He started the business of exchanging of old Indian currency with new currency on commission bases.

He collected the old Indian currency of Rs 28.5 lakh from his friends Srinivas and Ujwal and was trying to exchange the old Indian currency on commission basis through Venkatesh and Rajinikanth, police intervened and arrested them.

The arrested persons and the seized currency were handed over to the Malakpet police for further investigation.