Four arrested for possessing old currency,Rs.66 lakhs seized

Hyderabad, Apr 24: The Hyderabad city police on Monday arrested four people and seized demonetized currency of Rs 66 lakhs in the denomination of Rs 1000 and Rs 500 notes from their possession.

On credible information, Central Zone Task Force team arrested Bingi Vasu (40) of Uppal, Naidu Nagaraju (35) of Secunderabad, Chella Srinivas (40) of Chikkadpally and Muddigonda Balakrishna (39) of Uppal near B N Wines, beside Marriott Hotel, when they were trying to exchange demonetised currency notes with new currency through the agent on commission basis, police said.

According to the sources, in the year before demonetization, he had received huge payments in cash from his customers and well-wishers but couldn't deposit the money in bank accounts due to the fear of Income Tax sleuths.

Subsequently, an amount of Rs 66 lakhs was left with him.

Meanwhile, he contacted the other accused and asked their help to exchange the old currency and offered 10 percent commission, sources said.

While they were waiting for an agent, police intervened and arrested them.

The accused along with the seized property were handed over to Gandhinagar Police Station for further investigation, police added.