Demonetised notes worth Rs 98 lakh seized
Hyderabad: A West Zone police team arrested four men for possessing demonetised currency in Masab Tank area on Wednesday. Officials seized Rs 98.5 lakh in old currency from the men who were trying to exchange it with new notes in a lane near Heritage Fresh in Masab Tank.
The arrested were identified as T. Ravi Kiran, 27, Mohd Razak, 28, V. Srikanth, 26, and D. Praveen Sagar, 33. Commissioner’s Task Force DCP P. Radha Kishan Rao said, “A real estate dealer from Kurnool, Ravi Kiran, recently gave Zakir Hussain, also a builder, old currency notes of '98.5 lakh to change them for new notes on commission basis. Ravi and his friend Srikanth brought the amount to Hyderabad and met Mohd Razak, who put them in contact with his friend Praveen Sagar.”
Praveen Sagar agreed to exchange old currency for new. On Wednesday, the gang came to the pre-determined spot with the demonetised currency notes, where officials of West Zone task force nabbed them. The accused and the seized notes were handed over to Humayun Nagar police for further investigations.