Crime in Hyderabad

Rs 1 crore in demonetised currency seized, six arrested

Rs 1 crore in demonetised currency seized, six arrested
An Indian vendor displays wallets made from replica prints of the demonetised 500 and 1000 INR currency notes prints for sale at a stall in Mumbai on November 22, 2016. India's Prime Minister Narendra Modi announced on November 8 that that 500 and 1,000 rupee ($7.50, $15) bills -- 85 percent of the cash in circulation -- would cease to be legal tender in a crackdown on fraud and tax evasion. The move -- which saw the notes withdrawn from circulation just hours after the announcement -- was initially welcomed, but frustrations have mounted in the largely cash-reliant country where millions have been left without enough to cover their daily needs. / AFP PHOTO / INDRANIL MUKHERJEE

Hyderabad: The city police today arrested six persons and seized Rs one crore in demonetised currency from them.

The arrested men were identified as Raj Kumar Bagadi, owner of a petrol pump in Putli Bowli area; Ahmed Bin Ali, owner of a sports showroom; Mohammed Salman; Mohammed Shabeer, a textile businessman; Mohammed Ahmed Shareef and Pedda Shetty Reddy Sekar, a retired Postal Department employee.

A team of Central Zone Task Force of police raided Bagadi’s house in Barkathpura area and arrested them with Rs 1 crore in scrapped notes, said a press release.

The accused had planned to get the notes exchanged for valid currency through some middlemen, and gathered at Bagadi’s house for this purpose.

A case was registered at Kachiguda police station and further probe is on.