Two held for possessing demonetized currency, Rs.90 lakh seized

Hyderabad, Nov 1: The Hyderabad Task Force police have arrested two persons and seized Rs.90 lakhs demonetized currency from their possession here on Tuesday.

In a tip-off, West Zone Task Force sleuths laid a trap at Nova Hospital near GVK mall in Banjara Hills and arrested Ch Satya Haribabu, a realtor from Erragadda and Koteshwar Rao, a realtor from Vijayawada in possession of the demonetized currency in Rs. 1000 and Rs. 500 denominations.

During the interrogation, Koteswar Rao said that he collected the currency from several businessmen in Vijayawada with an intention to exchange it with the new currency for the commission. Koteswar Rao sought the help of his friend Haribabu to exchange the case and the latter agreed to do so.

While the duo was waiting near GVK mall in Banjara Hills to meet prospective customers to exchange the demonetized currency, Task Force sleuths arrested them.The offenders were handed over to Punjagutta police for further probe.