Hyderabad: Four arrested for attempting to cheat businessman of Rs 1.9 crore

Suspects contacted E Prabhakar Goud, a businessman and informed him that they had Indian currency notes of Rs 2,000 denomination and intended to exchange it for Rs 500 notes

Hyderabad: Four persons who attempted to cheat a businessman of Rs 1.90 crore were arrested by the Rachakonda police on Saturday. The arrested persons were identified as Shaik Roshan Mahaboob (40), Kolampally Srinivas (45), Bingi Vasu (44) and Singamshetty Ramulu (40).

According to the police, the suspects contacted E Prabhakar Goud, a businessman and informed him that they had Indian currency notes of Rs 2,000 denomination and intended to exchange it for Rs 500 notes.

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“The gang told the businessman that they came to know the government will shortly ban Rs 2,000 currency notes and they wanted to exchange it for Rs 500 denomination notes. They assured to pay a commission of 20 per cent to the businessman if he agreed for the deal,” said the Rachakonda police.

On Saturday, the businessman came to LB Nagar Metro Station carrying to Rs 1.9 crore cash in denomination of Rs 500 notes. On information, the LB Nagar SOT caught all of them. The police are investigating.