8 held with unaccounted cash of Rs 58 lakh in new Rs 2,000 notes

The accused would be sent to the Income Tax office for initiating appropriate action.

Eight persons were apprehended in Hyderabad and unaccounted money of Rs 58 lakh in new Rs 2,000 notes was seized from their possession, police said.

The eight persons were apprehended after finding Rs 58 lakh in their possession during vehicle checking, a police release said. They belonged to different places in Telangana and Andhra Pradesh.

During the course of inquiry, they stated they collected the amounts from local people of their respective native places, villages on 8 to 10 per cent commission basis.

"They came to Hyderabad with an intention to exchange the new currency of Rs 2,000 with old currency of Rs 1,000 or Rs 500 with commission of 25 to 30 per cent to make easy money. On further inquiry with them about the exchange of old currency, they stated that they will return to the people from whom they collected the amounts and again they will deposit in their respective accounts," the release said.

The apprehended persons, along with the seized unaccounted new currency and seizure report, would be sent to the Income Tax office for initiating appropriate action against them as per Income Tax Act, the release added.