4 men arrested in Hyderabad for possessing demonetised notes worth 2.5 crore

The four men were arrested under the the Specified Bank Notes (Cessation of Liabilities) Act, 2017, the police said. Photograph:( Others )

WION Web Team New Delhi, Delhi, India Jan 28, 2018, 12.21 PM (IST)

Four people were arrested by the police in Hyderabad for allegedly trying to exchange scrapped currency notes, reports said on Sunday. 

A total of Rs 2.53 crore of demonetised currency was found in possession of the four men, officials said. 

The men were caught by the police after they tried to speed their vehicle during police checking at Bahadurpura Cross Road on January 26. 

The police personnel chased the vehicle and after stopping it, they found the four persons in possession of the old currency notes in Rs 500 and Rs 1,000 denominations, Deputy Commissioner of Police (South Zone) V Satyanarayana said in a press release on Saturday.

The accused -- Amit Bagri, a businessman from Bengaluru, and the three locals -- were allegedly planning to exchange the old notes with the new currency on a commission basis, he said.

The four men were arrested under the Specified Bank Notes (Cessation of Liabilities) Act, 2017, the police said.

Earlier this month, the Hyderabad police arrested three people for possessing demonetised notes worth Rs 1 crore in Secunderabad after the trio was found suspicious while looking for means to exchange the old notes with the new ones near a bank when the police were notified.