Hyderabad: The Malkajgiri Special Operations Team jointly with the Uppal police nabbed a seven-member gang on charges of procuring and illegally possessing demonetized Indian currency at Uppal here on Thursday. Police seized demonetized notes of Rs 500 and Rs 1000 denominations worth Rs 1 crore apart from a car and seven mobile phones from them.
The arrested persons were identified as Syed Durvesh Quadri; Shaik Haroon; Sheik Allah Baksh, all three from Kurnool, Andhra Pradesh; Syed Adil from Tolichowki; Mahender Chowdary from Hasmathpet; Gamandeep Singh and Mohammed Zakeer, both from Hasmathpet as well.
According to the Rachakonda police, Haroon informed his close friend Quadri, a Kurnool native that his friends were still in possession of demonetized Rs 500 and Rs 1000 notes. They intended to exchange them with the new currency by giving commission. Quadri agreed and became part of the deal. They then contacted Gamandeep Singh, Mahender Chowdhary and Mohammed Ali, all three Hyderabad natives, who agreed to help in exchanging the currency with prospective customers in Hyderabad.
They brought Rs 1 crore of the demonetized currency to Hyderabad with a plan to exchange it. On Thursday, they all came to Prashanth Nagar in Uppal along with the demonetized currency and were trying to exchange it, when police teams, acting on a tip-off, nabbed them.
The gang along with the seized property were handed over to the Uppal police for further investigation.