Hyderabad: Madhapur police arrested three persons from Nellore, when they came to the city to exchange demonetised currency at a 23 per cent-margin.
Police recovered Rs 9 lakh in Rs 2,000 denomination from their possession.
The cash was handed over to income-tax officials as the trio failed to reveal the source of cash, police officials said. The trio, Ch. Ashok, Syed Shanavas and Md Mastan, came to Hyderabad with the cash to exchange Rs 2,000 notes against demonetised currency with a person named Praveen, who works at a hotel in the city. “The trio asked for 23 per cent commission and brought the amount to hand it over to two receivers in Madhapur,” said a police official.
Police stopped the suspects when they were going on two-wheelers from Jubilee Hills towards HiTech City. “During the check, we found cash and they could not give a satisfactory reply to our queries. They were taken to the police station and during questioning it was revealed that they came to exchange the cash," said Madhapur inspector K. Chandra Shekhar.
The trio revealed that they brought the cash from their native place in Nellore. They remained silent about the source of the cash. Police officials are yet to find out how they got the Rs 9 lakh in Rs 2000 denomination notes. Police is inquiring if the trio had been working with bank officials in Nellore.
Police has taken the two receivers, who were waiting for the trio, into custody. Officials said that Praveen would be arrested and handed over to the income-tax department. “We have alerted the income-tax department to verify the source of cash. They will be inquiring into it,” said Madhapur inspector K. Chandra Shekhar.
