2.23 crore in junked notes seized, four held

Hyderabad: In one of biggest haul post-demonetisation, the South Zone police seized Rs 2.53 crore in banned currency of Rs 500 and Rs 1,000 and arrested four persons, including a Bengaluru resident, who were planning to exchange the notes with new currency on percentage basis.  

The currency was seized by the South Zone police, during the vehicle checking in evening hours on Republic Day, near Bahadurpura X roads. The prime accused was identified as Amith Bagadi (27), electronics business and resident of Rajaji Nagar of Bengaluru. 

While others were identified as K Murarilal (57), a private employee, Vishnu Bati (28), business, both residents of Begum Bazar and K Raju (47), photographer and resident of Shalibanda.

 On Friday evening, the Bahadurpura police were conducting vehicle checking, the accused were travelling on a four-wheeler and tried to speed away from police checking point. However, the police were able to intercept the vehicle and found demonetised currency. 

A case was registered under section 5 and 7 of Specified Bank Notes (Cessation of Liabilities) Act 2017. “It is advised that youth not to indulge in such activities. Concerned Income tax department and RBI are being informed to take further action against the arrested persons,” said V Satyanarayana, DCP, South Zone.