The Hyderabad police have arrested a four-member gang involved in illegally exchanging old, demonetised Indian currency. The police seized ₹55,52,500 in old ₹1,000 and ₹500 notes from them.
The arrested individuals include Syed Muzammil Hussain (48), who was in possession of the demonetised currency and trying to exchange it for valid money. Amjad Khan (42) was his associate, while Palthi Bhaskar (46) and Shaik Naseema (50) worked as agents, helping exchange the currency for a five percent commission.
According to the police, the Union Government had issued an ordinance making it illegal to hold demonetised currency. Despite this, Muzammil, a tent house owner in Hyderabad, kept ₹30 lakh in old notes. His family had hidden the money instead of exchanging it in banks to avoid paying income tax.
After the exchange period ended, Muzammil attempted to convert the old notes into valid currency but failed. His associate, Amjad, later collected an additional ₹25,52,500 in demonetised currency through mediators. They were waiting for an opportunity to exchange the money.
One month ago, they met Bhaskar and Naseema, who agreed to help find buyers in the market for a five percent commission. On Saturday, the group gathered at Taj Mahal Hotel in Abids, attempting to exchange the ₹55,52,500 in demonetised notes for valid currency, offering a ten percent commission to potential buyers.
However, the Hyderabad Commissioner’s Task Force received information about their activities. The police arrested them at the hotel and seized the illegal currency.
The arrested individuals and the seized money have been handed over to the Abids police for further investigation.
