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Police seize demonetised currency worth Rs 3.48 crores in Hyderabad

Courtesy:IndiaToday

Hyderabad: Detectives of Hyderabad Commissioner’s Task Force on Sunday held nine people with demonetised Rs 500 and Rs 1,000 notes worth Rs 3.48 crore.

According to a report by India today, the accused had tried to exchange the demonetised notes for valid bills with agents on a commission basis, and cheat innocent customers by offering huge commissions.

Arrested people include a software businessman from Hyderabad, a realtor from Rangareddy, a doctor from Visakhapatnam and a private finance operator from Medak, while three of them are absconding.

Arrested people have been booked under IPC sections 420 and 511, and section 5 r/w 7 of the Specified Bank Notes (Cessation of Liabilities) Act 2017. They’ve been handed over to Hyderabad’s SR Nagar Police Station for further investigation.