Rs. 48.66 lakh seized by Police officials

Hyderabad, June 02: The police officials has been arrested four persons who were trying to exchange old currency worth Rs.48.66 lakh here on Thursday in Hyderabad.

Police seized old currency notes of Rs. 500 and Rs.1,000 with a total face value of Rs. 48.66 lakh from M Krishna Chaitanya Kumar Reddy, (35), a realtor from Kukatpally, S Suresh Babu (53) of YM Pally, YSR Kadapa district in Andhra Pradesh, M Jagadish (40) of Ramanthapur and M Venkateshwarlu (30) of Kothagudem in Badradri district.

According to police officials, a friend of Chaitanya Kumar Reddy had contacted the latter and told that he had old currency notes with him and wanted it to exchange it.

He promised to pay him a commission if he got it exchanged. Reddy roped in his friend Jagadish, who contacted two brokers Suresh Babu and Venkateshwarlu, who assured to get the old currency exchanged on a 40:60 commission basis.

The Task Force team nabbed them while they were exchanging the money at Amberpet. The suspects, along with the seized currency were handed over to Amberpet police for further action.