Scrapped notes seized by police, worth 3.48 crore

Hyderabad, June 12: Ever since from the demonetization, many of the scrapped notes has been seized from the police department across the state and country.

Here the another incident happened that police officials have been apprehended nine people with demonetised Rs 500 and Rs 1,000 notes worth Rs 3.48 crore, here on Sunday

Coming to details, The accused had tried to exchange the demonetised notes for valid bills with agents on a commission basis, and cheat innocent customers by offering huge commissions.

Among those arrested is a software businessman from Hyderabad, a realtor from Rangareddy, a doctor from Visakhapatnam and a private finance operator from Medak.

Three of the accused are absconding.

Police officials said that Those arrested have been booked under IPC sections 420 and 511, and section 5 r/w 7 of the Specified Bank Notes (Cessation of Liabilities) Act 2017. They've been handed over to Hyderabad's SR Nagar Police Station for further investigation.