HYDERABAD: Eight persons of a gang were nabbed by the Santoshnagar police on Monday while they were on their way to exchange new currency notes with old ones.
On Sunday, when Santoshnagar police were conducting a vehicle check at IS Sadan, they found `58 lakh cash of `2,000 denomination with the accused.
As they failed to answer the source of money, the police took them into custody for questioning, and found that they were heading to city to find prospective customers.
The accused have been identified as Shashi Vardhan Reddy, Ravindra Chary, M Nagendra, N Guru Mohan, TR Mohan Reddy, M Chennaiah, PB Muni Reddy and GR Goverdhan Reddy.
“The accused confessed to have met at a function in Hyderabad recently. They hatched a plan to collect money and exchange it with old notes for a commission,” said ACP Srinivasulu.
He said the accused had no specific customer and wanted to try the exchange randomly.