Three arrested with Rs one crore in demonetised notes in Hyderabad

Three persons including a stock market broker, who tried to exchange demonetised notes, were arrested by Karkhana police.
Cops producing the arrested trio in front of the media | Vinay Madapu
Cops producing the arrested trio in front of the media | Vinay Madapu

HYDERABAD: Three persons including a stock market broker, who tried to exchange demonetised notes, were arrested by Karkhana police on Thursday.  Police seized old notes worth Rs 1 crore from them. The arrested were K Rajesh, a stock broker from ECIL colony, P Anantha Reddy of Tilaknagar and A Nagaraju, a driver from Siddipet district.North Zone DCP  B Sumathi said the trio came to SBI branch at Karkhana with an intention to exchange the notes with new currency. 

According to police, Rajesh had accumulated huge amounts of cash over the years and stocked it in his house. He did not pay income tax either. After demonetisation, Rajesh did not get the money exchanged fearing action for tax evasion, police said. While he was trying to get the old notes exchanged, the other two accused approached him and offered to exchange the money on a commission basis.
The DCP said they would file a petition before the court seeking police custody of the accused for further questioning. 

Police registered cases under Section 420 (cheating) read with 511 ( punishment for attempting to commit offences) of IPC and 102 CrPC and Section 7 of specified bank notes cessation of liability Act 2017. 
Police have reportedly kept a close vigil on the transactions of some businessmen and bank staff. In Thursday’s case, Karkhana police seized the mobile phones of three accused and are collecting Call Detail Record (CDR) of them to verify whether they were in touch with  bank officials to exchange the old notes.

Previous cases of exchange of banned notes in Hyd
September 2, 2017:  The Central Zone Task Force sleuths arrested three persons and seized old notes worth `28 lakh 
March 28, 2017:  The Hyderabad Police arrested 13 persons for trying to exchange demonetised notes worth `3.5 crore 
May 25, 2017:  Nine persons held for possessing old notes worth `65 lakh 
July 19, 2017:  Police arrested a  seven-member gang including woman and seized `1 crore old notes

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