Demonitized currency seized by police in Hyderabad

According to the police, Muzammil prior to demonetization of Rs. 500 and Rs. 1000 currency notes had Rs. 30 lakh but his family did not get it exchanged in banks due to fear of income tax issues

Hyderabad: The Hyderabad Commissioner’s Task Force seized demonetized currency with a face value of Rs. 55, 52,500 from four persons at Abids on Saturday night.

Acting on a tip off, the team caught Syed Muzammil (48), Amzad Khan (42), Palthi Bhaskar (46) and Shaik Naseema (50).

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According to the police, Muzammil prior to demonetization of Rs. 500 and Rs. 1000 currency notes had Rs. 30 lakh but his family did not get it exchanged in banks due to fear of income tax issues.

He informed about the old currency to his friend Amzad Khan, who then planned to collect more old currency notes from people and later exchange it with existing currency notes. Amzad through different persons collected old currency with a face value of Rs 25, 52,500.

“The duo got in touch with Bhaskar and Naseema, who assured to help Muzammil and Amzad in getting the demonetized currency exchange if they were paid a commission.

On Saturday, all the four gathered at a hotel in Abids and were planning how to exchange the demonetized currency when they were caught,” said the police.