The Hyderabad Police arrested eight people and seized Rs. 4.41 crore in 500 and 1000 demonetised currency on Sunday.
Kaylan, a real estate businessman, Gautam Kumar Aggarwal, a pearl merchant, Mustafa, Muzzfar, Farooq and Shivprasad were arrested for trying to exchange their old notes with the help of their friends Harnath Babu, a Chartered Accountant, and Rajender Nath, a contractor.
ALSO READ: Assam DSP held for objectionable remarks against women MLA, gets bail
“The West Zone Task Force and team members in Banjara Hills took eight people into custody and seized Rs. 4.41 crore in 500 and 1000 demonetised currency notes,” Limba Reddy, Deputy Commissioner of Police, Task Force said.
“Upon examination, they disclosed that Kaylan, Gautam Kumar Aggarwal, Mustafa, Muzzfar, Farooq and Shivprasad, all of them contacted their friends Rajendra and Harinath Babu. They promised issuance of 35 percent of new currency against 100 percent old currency,” he added.
A case has been booked under section 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017. They have been handed over to the Banjara Hills Police Station for further investigation and interrogation.