₹ 3.75 crore of demonetised currency seized in Hyderabad

In yet another haul of demonetised currency stashed in the city, the police seized ₹ 3.75 crore in older ₹ 500 and ₹ 1,000 notes on Sunday.

The Task Force personnel acted on a tip off that a few persons were trying to exchange the old notes for valid currency in Yellareddyguda. The police arrived at the spot and nabbed nine persons.

Upon enquiry, it was learnt that they belonged to two groups that had pooled together their old currency for exchange. The police also learnt the prime accused P. Vijay V.S. Rao had collected money in banned currency from friends and family to exchange through agents for a profit.

In similar cases in the past, police learnt that several people had collected demonetised currency from friends and relatives, claiming political connections and avenues for exchange with legal currency but failed to do so before being nabbed by the cops. In the arrest of Sunday’s gang, the police registered cases under Cessation of Liabilities Act, 2017.

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Printable version | Feb 29, 2020 1:19:02 AM | https://www.thehindu.com/news/cities/Hyderabad/375-crore-of-demonetised-currency-seized-in-hyderabad/article18961992.ece

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