Hyderabad: The Hyderabad Commissioner’s Task Force, Central Zone Team apprehended four-member gang involved in illegally exchanging demonetised Indian old currency. The police seized demonetised Indian currency Rs 55,52,500 in denomination of 1,000 and 500 currency notes from their possession.

The police arrested Syed Muzammil Hussain (48), of Langer Houz who was in illegal possession of the demonetised currency notes and trying to exchange with valid currency, Amjad Khan (42), associate/illegal possession of demonetised currency notes, Palthi Bhaskar (46), runs a tiffin centre and Shaik Naseema (50), both agents in demonetised currency exchange on five per cent commission in the market. The police seized the demonetised Indian currency 1000*4338 = 43,38,000 and 500*2429 = 12,14,500.

According to the police, as per the Ordinance issued by the Union Government, the legal tender of specified bank notes was withdrawn and holding old currency denominations is now a crime.

The police said that Muzammil, proprietor of SA Tent House at Tolichowki, Hyderabad, previously worked as a real estate businessman, later he went to Saudi Arabia in the year 2006 and returned in the year 2019. In this period his family concealed about Rs 30 lakh of demonetised currency and not exchanged it with valid currency in the banks to avoid income tax.

YVS Sudheendra, DCP Commissioner’s Task Force said that after completion of the old currency exchange period he tried to exchange it with valid currency but did not succeed. Later his associate Amjad collected more Rs 25,52,500 of demonetised Indian currency through mediators and kept with them, waiting to exchange the currency. While moving in the market to get prospective customers one month back they came into contact with the local agents Bhaskar and Naseema and they offered them five per cent commission then they agreed to search for customers in the market.

On Saturday, the persons gathered at Taj Mahal Hotel, Abids with illegal possession of the demonetised Indian currency about Rs 55,52,500 of 1,000 and 500 denomination notes and were trying to exchange with valid Indian currency on ten per cent commission with prospective customers. Meanwhile, on information, Task Force Team apprehended them and seized the demonetised currency from them.

The apprehended persons along with seized old currency were handed over to Abids police for further investigation.