Four arrested in Hyderabad with 2 crore old notes

HYDERABAD: East Zone Task Force police seized Rs 2 crore in demonetised currency and arrested four persons in Narayanguda on Monday night. Police said the accused were caught with three bags of old notes, mostly Rs 1,000 denominations, during a raid near Canara Bank opposite Shanti Theatre. Two were arrested at the spot, while two more were picked up near the Water Board office based on their inputs.

Investigators said the group promised to exchange old notes for new Rs 500, Rs200 and Rs 100 denominations on commission. Several people handed over cash to the accused for conversion. Police suspect more persons are involved, including some in a house at Miyapur under Cyberabad commissionerate limits.

During demonetisation in 2016, people were allowed to exchange old notes at banks and post offices with Aadhaar or other valid documents. However, many with unaccounted money avoided depositing it. Gangs then offered illegal conversion for a fee, while some duped people by fleeing with their money. Such cases were frequently reported between 2016 and 2018 but declined after the Covid lockdown.

Officials said further clarity on the seized currency and its origins would emerge after questioning all suspects. Special teams have been deployed to trace others linked to the racket.