Three nabbed for robbing businessman promising exchange of demonetised notes

Police have busted a gang that cheated a man out of Rs 3 lakh with a promise to help him exchange his old notes for new.

Published: 18th November 2016 07:49 PM  |   Last Updated: 18th November 2016 08:32 PM   |  A+A-

money reuters

For representational purpose (File|Reuters)

By Express News Service

HYDERABAD: A day after three impersonators were caught for robbing a businessman on the pretext of exchanging demonetised notes with new ones, another similar case came to light on Friday with the arrest of three of a five-member gang who robbed two persons of Rs three lakh cash.

Srinivas with Rs one lakh in demonetised currency and Rahul with Rs two lakh were lured in to exchanging the money, said the police.

On the night of November 13, three of the accused identified as Venkata Srinivas Pilla, P Ashwin and B Shivudu took the victims to Seethaphalmandi area on the pretext of exchange their scrapped notes with the help of a bank clerk.

As they reached Seethaphalmandi, two members of the gang- Pavan and Krishna, posing as policemen stopped them and asked the victims about the huge amount of cash they were carrying.

Later, the two impersonators beat up the victims and took away the cash, police said adding the three accused remained mute spectators during the incident.

Later, the victims lodged a complaint with the Osmania University police. During investigation, police arrested Venkata Srinivas, Ashwin and Shivudu and recovered Rs 2.50 lakh amount of demonetised notes from them.

Police have launched a hunt for Pavan and Krishna, who are absconding. 

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