Two gangs held for exchanging Rs 1.5 Cr of old Currency

Hyderabad, June 4: The Central Zone Task Force Police have arrested five members of two gangs, who were tried to exchange old currency in Hyderabad here on Saturday.

The Old currency worth Rs.1.15 crore was seized during the two incidents.

The gangs were arrested, when they were trying to exchange old notes of Rs 1,000 and Rs 500 denomination for new notes with agents on a commission basis.

The suspected persons are Shaik Khadar Valli hailing from Proddatur, Kadapa; T Ravi Shanker Gowtham, a resident of BHEL Township, RC Puram from Medak, Shahid Shaik of Pune, Farooque Darjee, a resident of Andheri, Mumbai; and Shahbaz Sayyed of Pune.



Khadar Valli, who runs an almirah manufacturing unit in Proddatur had received huge payments from his customers within a short period just before demonetization was announced.He couldn't exchange the old currency within the time fixed by the government, police said.

According to their plan, Valli had come to Hyderabad with Rs 71.5 lakh and met Ravi Shanker Near Goshala at Lower Tank Bund, when they were arrested.

However, in the second case, Shahbaz Sayyed, Shahid Shaik and Farooque Darjee, all three friends and natives of Maharashtra, wanted to exchange old currency, for which Shaik arranged an agent in Hyderabad.

The trio had Rs 43.5 lakh in old currency with them and was waiting for the agent when they were arrested here, police added.