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Eight held with Rs 4.41 cr in old notes

Hyderabad:Hyderabad Police today seized over Rs 4.41 crore in demonetised currency and nabbed eight persons in posh Banjara Hills area in the city, an official said.

According to the police, the eight people, including a businessman and a CA, were trying to exchange the scrapped notes with new currency.

“The sleuths of Commissioner’s Task Force (West Zone) team apprehended eight persons who had procured old currency notes in denominations of Rs 500 and Rs 1000 illegally after demonetisation and were trying to exchange them with new currency notes at Banjara Hills,” Deputy Commissioner of Police (Task Force) B Limba Reddy said.

He said the police nabbed them from the residence of Gowtham Agarwal and seized old currency notes totalling Rs 4,41,81,000.

They were planning exchange of the old notes with new currency for commission.

They are identified as P Kalyan Prasad, Mohd Farooq, Mir Muzaffar (all into different businesses), Y Surya Prasad (an contract employee in a state-run power transmission company), K Harinath Babu (a civil contractor), V Rajendranath (CA) and Mustafa Siddiqui (a student), the DCP said.

They were handed over to Banjara Hills Police which will conduct further investigation, he said.

Since March 13, the city police has arrested over 40 people in separate cases and has so far seized invalid notes having a face value of over Rs 9 crore.