Crime in Hyderabad

Two arrested with Rs 1.13 crore in demonetised notes

Two arrested with Rs 1.13 crore in demonetised notes
An Indian vendor displays wallets made from replica prints of the demonetised 500 and 1000 INR currency notes prints for sale at a stall in Mumbai on November 22, 2016. India's Prime Minister Narendra Modi announced on November 8 that that 500 and 1,000 rupee ($7.50, $15) bills -- 85 percent of the cash in circulation -- would cease to be legal tender in a crackdown on fraud and tax evasion. The move -- which saw the notes withdrawn from circulation just hours after the announcement -- was initially welcomed, but frustrations have mounted in the largely cash-reliant country where millions have been left without enough to cover their daily needs. / AFP PHOTO / INDRANIL MUKHERJEE

Hyderabad: Two persons, including a woman, were today arrested on charges of possessing and trying to exchange demonetised currency notes with a face value of Rs 1.13 crore, police said.

The woman, Manjula R Joshi, and her friend K Naga Venkata Gowri Shankar Gupta, were arrested last evening near a hotel in Panjagutta when they were allegedly trying to exchange the scrapped notes with a face value of Rs 1.13 crore, a release from the Hyderabad Police said.

However, the release did not elaborate with whom they were trying to exchange the demonetised bills.

Joshi is a native of Jewargi in Kalaburgi district in Karnataka, while Gupta is a resident of Machilipatnam town in Krishna district of Andhra Pradesh. Both of them are in real estate business, the release said.

—PTI