HYDERABAD: Five persons, including an engineering student, who were in possession of demonetised currency notes of denomination Rs 500 and Rs 1,000 worth Rs 99 lakh, were arrested by the Hyderabad Task Force police here on Sunday. Old notes of the value of Rs 99 lakh were seized.
According to police, the accused procured the notes from several persons promising to exchange them for new notes and were caught red-handed at Sanjeeviah Park. One of the arrested is V Sai Kumar Reddy (22), an engineering student and resident of Church Colony in Uppal. The others are T Sai (24) of Miyapur, T Prasad (35) of Narsaraopeta in Guntur district of AP, B Nagendar (42) of Jangaon district and P Ram Babu (36) of Gaddiannaram.
Police said Sai Kumar and T Sai planned to earn money by exchanging old notes for new ones. They collected old notes worth Rs 99 lakh from one Praveen two days ago. They struck a deal with one Prasad and offered him a five per cent commission. Prasad contacted brokers Nagender and Rambabu. The accused arrived at Sanjeevaiah Park with old notes. Getting wind of this, police carried out raids and detained the accused. The seized notes and accused were handed over to Ramgopalpet police.