Eight held with Rs 1.38 crore in demonetised currency in Telangana
Hyderabad, Sept 19 (TNT): Kazipet Police have arrested eight persons for allegedly attempting to circulate demonetised currency notes and seized Rs 1.38 crore in old Rs 500 and Rs 1,000 denominations at Kazipet in Hanamkonda district, police said on Saturday
The arrests were made on Friday during routine vehicle checks at Kazipet crossroads when the occupants of a car allegedly attempted to flee, Kazipet ACP Prashanth Reddy said.
Police seized Rs 1,38,50,000 in demonetised currency, besides Rs 6,000 in valid currency, 10 mobile phones and the car. One more accused was absconding, he said.
The accused were identified as Mulla Abbas Ali alias MA Ali of Bengaluru, Bashaneni Mallesh of Mancherial district, Tangella Krishna Mohan of Karimnagar district, Kukkala Sampath of Siddipet district, Rainakula Sridhar of Hanamkonda district, Pallapu Raju of Balasamudram, Mankala Ganesh of Warangal district and Mahankali Shyam Sundar of Karimabad.
According to the ACP, Abbas Ali, the alleged kingpin, worked as an electrician for a builder in Hyderabad.
The gang allegedly procured the demonetised Rs 500 and Rs 1,000 notes from a Chennai-based real estate businessman identified as Riyaz and travelled to Warangal and Hanamkonda to exchange the old currency.
The accused allegedly chose to circulate the demonetised notes to make easy money, Reddy said.
Commissioner of Police Swetha announced rewards for the police personnel who played a key role in apprehending the gang.
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