Hyderabad: A 33-year-old man was today arrested from here for allegedly trying to exchange scrapped currency notes, police said.
According to police, they recovered demonetized currency notes with the face value of Rs 90 lakh from him.
The accused, Ch Satya Haribabu, who is into real estate business, had procured the old currency notes of Rs 500 and 1,000 denominations. He was nabbed from Panjagutta area, while he was allegedly trying to exchange the demonetized currency, a release from Hyderabad Police said.
A month ago, Haribabu, had received the scrapped notes of the face value of Rs 90 lakh from one Koteshwar Rao from Vijayawada and brought them to Hyderabad. He was trying to exchange it with new currency notes on a commission basis, it said.
–PTI