Stacks of demonetised notes still around

From March 28, the Hyderabad City Police have busted currency exchange rackets, seizing demonetised currency worth nearly Rs 22 crore.

By Author   |   Published: 12th Aug 2017   12:01 am Updated: 12th Aug 2017   12:05 am
Demonetised Notes

Hyderabad: It been 10 months since that the nation heard that dramatic speech starting with ‘Mitron…’. After the first few months of long queues in front of banks, cashless ATMs and all the brouhaha, the dust appears to have settled down. However, the Rs 500 and Rs 1,000 notes are yet to disappear.

Sample this. From March 28, the Hyderabad City Police have busted currency exchange rackets, seizing demonetised currency worth nearly Rs 22 crore. And the crackdown on gangs involved in the racket is still continuing. About 20 gangs were held, and around 70 persons were arrested so far. From businessmen, real estate dealers and retired employees to daily wage labourers, unemployed youngsters to seasoned fraudsters, the kind of people who have been caught trying to mint some money using demonetised currency has been varied.

According to the police, many were trying to misuse the window provided by the Central government and the Reserve Bank of India allowing Non-Resident Indians to exchange old currency till June 30. That too, much after the specified date. Most of the gang members involved in the rackets, police officials say, were often unaware of the owner or the source of the demonetised currency. They just became part of the deal to earn a commission. “Many were roped in on a commission basis ranging from five per cent to as much as 50 per cent depending upon the risk and work involved,” a senior official said.

All attempts foiled

Hyderabad: Interestingly, the city police who busted several demonetised currency rackets, say none of the gangs arrested could not exchange a single note till date. They were detected and nabbed much before they could execute their plots. On the whole, about 20 gangs involving in demonetised currency rackets were busted in the city by the City Task Force and Law and Order police. And about 70 persons were arrested for their involvement in the rackets.

“Not a single gang was successful in exchanging old currency with new ones. All their attempts were foiled and they were arrested. They come under our radar while they are in possession of the currency or while trying to exchange it. A trap is laid and they are nabbed,” a Task Force official said. They are usually booked for cheating and other relevant sections as per law, police said.

Gangs finds this more easy

Hyderabad: Several gangs that were earlier involved in crimes like cheating and fraud have now turned to exchanging demonetised notes. They have found this as a new opportunity to earn easy money, police said. Gangs which were earlier involved in rice pulling cases, real estate and other cheating cases have also turned to this new pasture. The police suspect that there are about 3,000 persons in the city who are continuously on a watch of such opportunities.

“These gangs are on their toes to find opportunities to make easy money by cheating people. Most of these gangs are already involved in other crimes. Unemployed people too were attracted. With people still having huge sums of demonetised currency and wanting to exchange them, they found a new opportunity,” said a Central Zone Task Force official.