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Note swap gang busted; 1 cr old notes seized
A 6-member gang involved in exchange business of old currency to new currency was nabbed along with Rs 1 crore demonetised currency. They were trying to exchange the currency with new notes in Palem Towers in Barkatpura on Saturday.
Hyderabad: A 6-member gang involved in exchange business of old currency to new currency was nabbed along with Rs 1 crore demonetised currency. They were trying to exchange the currency with new notes in Palem Towers in Barkatpura on Saturday.
According to Task Force officials, the accused are identified as Raj Kumar Bagadi (51), owner of Santhoshi petrol pump (Putlibowli) and resident of Barkatpura, Ahmed Bin Ali (30), businessman and resident of Talab Katta, Md Salman (28), cab driver and resident Dhoodbowli (Bahadurpura), Md Shabeer (43), businessman and resident of Shalibanda, Md Ahmed Shareef (30), Neredmet and Pedda Shetty Reddy Sekar (63), retired postal official, also a resident of Neredmet.
MODUS OPERANDI
The prime accused Raj Kumar, owner of Santhoshi Filling Station (Indian Oil Petrol Pump) at Putli Bowli came into contact with Ahmed Bin Ali who was known for exchange of old currency notes with new ones. Both planned to make easy money by exchange of old currency notes with new notes.
As part of the plan, Raj Kumar invested Rs 12 lakhs and procured Rs 1 crore from a party in Karimnagar, with the help of Salman and Shabeer, friends of Ahmed Bin Ali. Since then Raj Kumar and Ahmed Bin Ali tried to exchange the old Indian currency at higher commission.
In the process Ahmed Bin Ali contacted his friends Ahmed Shareef and Sekar Reddy to get someone who could exchange the currency. “Ahmed Shareef and Sekar Reddy arranged a party to exchange the old currency at 30% with new currency and informed the same to Ahmed Bin Ali,” said B Limba Reddy, DCP, Task Force.
As per their plan on Saturday they all assembled at Raj Kumar’s residence at Barkatpura and waiting for party to exchange old currency. The Central Zone Task Force Police on a tip-off raided and apprehended them along with the demonetize notes of Rs 1 crore, with denomination of Rs 500 and Rs 1000. All the six accused along with the seized property were handed over to Kacheguda police station for further investigation.
