Task Force Police seized Rs.65 lakhs of old currency

     Written by : SMTV24x7 | Fri, May 26, 2017, 01:59 PM

Task Force Police seized Rs.65 lakhs of old currency

Hyderabad, May 26: The Central Zone Task Force Police have arrested a gang of nine persons and seized old currency of Rs. 65.5 lakhs, who were tried to exchange old notes for the new ones for a commission.

In-depth into matter,The suspects identified as B Mahidar Reddy (35), a physiotherapist and resident of Kukatpally, P Pradeep Kumar (38), an internet cafe owner from Guntur,MA Quddus alias Faiz (52), a private employee and resident of Charminar, J Naga Raju (41), a realtor and resident of Karwan and others.

According to the police, Mahidar Reddy was told by his friend Sripathi Reddy that he had Rs 31 lakh worth of old currency and wanted to exchange it. He asked him to look for parties who could get this done on a commission basis.

"Mahidar Reddy also met Pradeep Kumar, who also had about Rs 30.5 lakh worth old notes and Faiz, who had Rs 4 lakh worth old currency, who were also waiting to exchange the old notes,"Task Force DCP B Limba Reddy said,

They then got in touch with Naga Raju, a broker who said he would arrange a person who would give 40 percent new currency in exchange for old notes, with the mediator's commission to be one per cent.

The trio met Naga Raju, along with his five friends, near My Choice Hotel, Begum Bazaar to exchange the notes, from where they were nabbed. They were handed over to the Begum Bazaar police for further action.