Hyderabad: The West Zone Task Force on Tuesday arrested one person and seized demonetized notes worth Rs.90 lakh here.
According to the police, Ch. Satya Haribabu a realtor in Hyderabad and native of Prakasam district had been entrusted with the money by his friend Koteshwar Rao, another realtor from Vijayawada, and was trying to exchange it with new currency on a commission basis.
On Tuesday, Haribabu had reached Nova Hospital near GVK One Mall in Punjagutta and was trying to settle a deal when he was nabbed. He was handed over to the Punjagutta police along with the seized notes, which were in denominations of Rs.500 and Rs.1,000.
The second suspect, Koteshwar Rao, is absconding, police said.