Gang held for exchanging old currency

Hyderabad, July 27: The Rachakonda Police and SOT of LB Nagar have busted a gang of 5 members including a news channel owner, who are tried to exchange the demonetized currency and seized money worth of Rs 61.9 lakhs here on Wednesday.

While coming to details, The arrested persons were Mohammed Ali Khan, owner of Amaze News TV channel and resident of Punjagutta, Merugu Avilaiah alias Ajay, of Bheemadevarapally, Warangal, T.Thirumal, reporter of a vernacular newspaper and resident of Rajanna-Sircilla District, T.Raju, a resident of Banjara Hills; and P.Bharathi of Chilkalguda. Another suspect, Krupal, is absconding.

According to the Rachakonda police, Ali Khan had launched the channel about seven months ago. He was in possession of a large sum of demonetized currency. He exchanged some of it but Rs 62 lakh remained with him.

The news channel too was not profitable and he became debt ridden. Ajay, who had acted in small roles in some movies had produced a movie, 'Kadile Bommala Katha', which released last month. However, the movie flopped resulting in losses.

"Both are friends and when Khan informed Ajay that he had Rs.62 lakh demonetized currency with him, they decided to get it exchanged, for which Ajay approached Thirumal," said Tarun Joshi, Joint CP, Rachakonda.

However, Thirumal later informed them that he could not get the money exchanged, following which the duo contacted the other suspects. Khan took the currency to Warangal in his car, where he met the others.

Ali Khan was nabbed during a vehicle check by the Bibinagar police near Yadadri-Hyderabad Toll plaza at Gudur village.