Hyderabad: Four people including an SBI insurance agent were arrested by north zone task force while they were moving around with demonetised currency worth around Rs 42 lakh.Police said the suspects were trying to get the scrapped notes exchanged with new currency and were offering a large commission.
Police said they were trying to cheat people stating they could still get it exchanged at the RBI. The main accused K. Srinivas, 32, a native of Narsapuram in West Godavari, is working as a sales manager at SBI Life Insurance's Bowenpally branch. “The other suspects G. Prashanth and Mohd. Naseeruddin, who had the demonetised currency could not get it exchanged. They met the fourth suspect A. Narasimha Varma, who also had lakhs. They were searching for people who were ready to give new currency,” said a senior official.
