Hyderabad, April 22: Hyderabad police on Saturday seized Rs.42.70 lakh in demonetized Indian currency and arrested four persons.
Commissioner’s Task Force, North Zone team, arrested 1.K.Srinivas, A.Narsimha Varma, G.Prashanth and Mohd.Naseeruddin who were illegally possession of the old currency notes of Rs.1000 and 500 denominations.
Police said they trying to exchange the demonetize old currency notes into new currency notes on commission basis with some unknown persons in Indian Air lines Colony, Begumpet.
K.Srinivas is a sales manager in SBI Life Insurance in Hyderabad while Prashanth is a commission agent. Both are natives of Andhra Pradesh’s West Godavari district.
Narsimha Varma is an AC Mechanic while Naseeruddin is a businessman.
Srinivas had recently come into contact with Prashanth and Naseeruddin. He received old currency notes of Rs. 24 lakh from Prashanth and paid him Rs. 10 lakh in valid currency. Similarly, he received Rs. 11.20 lakh from Naseeruddin and paid him Rs. 4.20 lakh. He kept the spiked currency notes with him and was facing difficulty to exchange the amount with new currency.
Srinivas came into contact with Narsimha Varma, who too had Rs.5 lakh in demonetized currency. They were trying to exchange the same with valid currency.