Hyderabad: Police busted an inter-state currency exchange racket on Saturday nabbing seven men belonging to two gangs. Police said the gangs cheated people by offering to exchange old currency and replacing original currency with paper.
Police seized Rs 33 lakh, two cars and two suitcases from them. The accused are K. Kanaka Raju, A. Santosh Kumar, A. Seetharam Nageshwar Rao, Ravinder Reddy, Hyder Vali and Hemanth Kumar.
West Zone DCP A. Venkateshwar Rao said the gang was operating in TN, AP, and TS. The main gang belongs to Arakkonam in TN. The gangsters lure victims saying they will exchange old currency notes printed before 2005, which is prohibited by the RBI. “They promise the victims double the amount in new currency,” Mr Rao said.
He said the gang carried a suitcase with two partitions and black bags with locks. Before the exchange they get details of the denomination the victim wants to exchange and then they prepare paper bundles and pack them in a locked bag and keep it in one of the partitions of the suitcase. The arrested men were produced in court. Special teams have been set up to nab the kingpins of the racket.
