Hyderabad: A breakthrough came for the Narayanaguda police and Hyderabad’s Task Force, when they busted a secret operation involving the illegal exchange of demonetized Rs 500 and Rs 1,000 notes at 30% commission near Shanthi Theatre.

The police arrested the gang during a planned sting and seized nearly Rs 2 crore worth of banned currency, four mobile phones, a counting machine, and documents detailing the planned operation. The arrests followed a period of surveillance and a thorough investigation into suspicious activities, marking one of the city’s most significant recent crackdowns on the underground currency trade.

The investigation revealed that the prime accused, Mulla Abbas, an electrician from Bangalore, was no stranger to illegal currency exchange and black money. He teamed up with partners from diverse backgrounds—real estate brokers, financial facilitators, and a kirana shop owner— to form a well-organized group intent on entering the currency exchange business.

Their rendezvous near the Shanthi Theatre was a calculated and coordinated attempt to exchange old notes for valid Indian currency, exploiting gaps in enforcement years after demonetization. Despite previous arrests and legal action against the prime accused, old habits persisted in the community. This time, he struck a deal with a Kerala resident to exchange one crore rupees in demonetized notes for Rs 30 lakh commission, with the Kerala contact still untraceable.

The arrested group leveraged a network of associates, highlighting how illegal currency operations continue to attract actors from different professions and how such rackets keep surfacing in Hyderabad’s underground economy. The operation underscores the continued vigilance of the Hyderabad police. It reveals the enduring appeal of illegal currency exchange, often hiding in plain sight and relying on quick deals for high commissions. Authorities have reiterated their commitment to tracking the origin of such cash, cracking down on similar rackets, and preventing the resurgence of banned notes in daily transactions.