Hyderabad: Three arrested for possessing demonetised notes worth 1 crore

According to media reports, one of the identified arrested, Rajesh, who is also a stockbroker, said that he got the money from someone by paying a meagre amount and wanted to sell them at a similar profit during the demonetisation drive Photograph:( ANI )

WION Web Team New Delhi, Delhi, India Jan 05, 2018, 03.57 AM (IST)

The Hyderabad police arrested three people for possessing demonetised notes worth Rs. 1 crore on Thursday in Secunderabad. 

The accused were identified as K Rajesh, 45, a stock market investor from ECIL; P Anantha Reddy, 37, a businessman from Nallakunta; and A Nagaraju, 30, a driver from Siddipet.

"The accused K. Rajesh, P. Anantha Reddy and Ashangari Nagaraju had come near the SBI bank, Main road Karkhana with the intention to exchange old demonetised Indian currency with new Indian denominations," B. Sumati, DCP, North zone said. 

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. 

According to media reports, one of the identified arrested, Rajesh said that he got the money from someone by paying a meagre amount and wanted to sell them at a similar profit during the demonetisation drive but was unsuccessful.

After the other two identified - Anantha Reddy and Nagaraju - came to know about the situation they told Rajesh that some people would be ready to purchase demonetised currency at 20% of its face value.

The trio came near a bank at Secunderabad area when police found them moving suspiciously and caught them. 

During the enquiry, police found a sum of Rs. 1 crore consisting of 4,200 notes of Rs 1000 denomination and 11,600 notes of 500 denomination, media reports said. 

Besides the currency notes, one two-wheeler and three mobile phones were also seized from them. The three are still under investigation.