Demonetised notes worth Rs1Cr seized, three held

Hyderabad police nabbed three persons in the city and seized demonetised notes worth Rs 1 crore from their possession on Thursday.

Acting on a tip-off, police arrested the gang in Kharkhana as they were waiting to exchange the demonetised notes.

Apart from the currency, the police also seized a Honda Activa scooter and three cell phones from the accused, identified as K Rajesh, a stock market investor from ECIL, P Anantha Reddy, a businessman from Nallakunta and A Nagaraju, a driver from Siddipet.

During the interrogation, Rajesh confessed to having acquired the notes by paying a paltry sum and planned to sell them at a profit. However, he failed to exchange the demonetised currency.

Following this, Anantha Reddy and Nagaraju decided to help Rajesh and told him that some people would be ready to purchase demonetised currency at 20% of its face value.

As the group approached different people in this regard, police received an alert.