Demonetized currency seized worth Rs.1 crore

Hyderabad, Aug 20: The Hyderabad City police have arrested a gang of six members and seized banned currency notes of Rs. 1,000 and Rs. 500 denominations worth Rs. 1 crore here on Saturday.

While coming to details,According to Task Force officials, the accused are identified as Raj Kumar Bagadi (51), owner of Santhoshi petrol pump (Putlibowli) and resident of Barkatpura, Ahmed Bin Ali (30), businessman and resident of Talab Katta, Md Salman (28), cab driver and resident Dhoodbowli (Bahadurpura), Md Shabeer (43), businessman and resident of Shalibanda, Md Ahmed Shareef (30), Neredmet and Pedda Shetty Reddy Sekar (63), retired postal official, also a resident of Neredmet.

One of the arrested, Ahmed Bin Ali, a sports articles supplier, was arrested earlier in a similar case.

Ali suggested Raj Kumar Bagadi, owner of a petrol bunk, that they procure the banned currency notes and exchange them.

In the process, Ahmed Bin Ali contacted his friends Ahmed Shareef and Sekar Reddy to get someone who could exchange the currency.

"Ahmed Shareef and Sekar Reddy arranged a party to exchange the old currency at 30% with a new currency and informed the same to Ahmed Bin Ali," said B Limba Reddy, DCP, Task Force.